Blog Archives

Abusive Home-Based Business Tax Schemes – Misuse of the Law

The IRS has uncovered a number of schemes that claim to allow deductions for personal living expenses. Taxpayers should consider these points before investing in a possible abusive scheme: Any investment scheme or promotion that claims to allow a federal

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Posted in Abusive Tax Shelter, Back Taxes Owed, Home Office, Self Employ, Small Business

Business Start-Up and Organizational Costs

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the

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Posted in Organizational Costs, Self Employ, Small Business, Sole Proprietor, Start up costs

Forming an S Corporation

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are

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Posted in Self Employ, Small Business, Sub-chapter S

S Corp Stock and Debt Basis

S Corporation Shareholders are Required to Compute Both Stock and Debt Basis The amount of a shareholder’s stock and debt basis is very important. Unlike a C corporation, each year the stock and/or debt basis of an S corporation goes

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Posted in Basis, Self Employ, Small Business

IRS and States to Share Employment Tax Examination Results

Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide

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Posted in Employment Tax, IRS Audit, IRS Enforcement, IRS Examination, IRS Transcript, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

Can you take a home office deduction?

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

If you plan to run your small business out of your home you may be temped to “write-off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the

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Posted in Disallowed Expenses, Employee Business Expense, Estimated Taxes, Home Office, Self Employ, Small Business, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief
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