The personal and business life of a tax strategist to the rich, business builder, owner, writer, social entrepreneur.
In a few months, there will be a lot of people wondering where their IRS refund is. Or they may not quite be there yet with their tax return preparation and instead are just happy they are getting a refund.
I’m going to tell you something a little controversial right now. I don’t like IRS ...
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As the year comes to an end, it’s time to start thinking about US tax strategies for year-end. There is still some time to get things done, but remember your tax strategies need to be in place before the end of the year. You can’t plan in 2012 for 2011 taxes.
Here are some ...
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Earlier this month, the IRS sent out over 21,000 letters to tax preparers reminding them of the penalties for tax return fraud. The letters were right on the borderline of being threatening. Now we’re learning that the IRS is planning to follow up with visits to 10% of those tax preparers. And ...
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I’m not a fan of Schedule C (Sole Proprietorship) businesses for 3 big reasons:
They will cost you more in tax.
They put everything you own at risk.
They are more subject to audit.
And I know there are 2 reasons why people will probably always continue to use them:
Schedule Cs are way easier then ...
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Now is a great time to start collecting Social Security numbers and EIN (Employer Identification Numbers) for all of your non-employee workers. You will need to prepare a Form 1099-MISC for every person or non-corporate business structure that provided more than $600 of services for your business in 2011. You also need to ...
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