Business meal deduction 2022 – what you should know

In tax planning for 2022, it’s important to know what deductions you can take for your business so you can keep a record of certain spending activities. The business meal deduction is one to keep in mind when you are out there enjoying your favorite restaurants. Don’t miss: IRS sending balance due notices on paid …

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IRS sending balance due notices on paid accounts

Did you receive a notice from the IRS stating that you have a balance due on your 2021 individual tax return, but you know you paid the balance on time? So did a lot of other tax payers! It turns out that the IRS is having some internal matching issues and is aware that some …

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Abusive Microcaptive Insurance transactions are shams

A recent Court of Appeals ruling has affirmed the IRS position that abusive Microcaptive Insurance transactions are shams. What are microcaptive insurance transactions and what does that mean for your tax position? Don’t miss: Accounting tips for starting a business What is captive insurance? In brief, it is an insurance company set up to write …

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Accounting tips for starting a business

So you’re ready to bring your creative and innovative idea and small business to life. Starting out with a clear understanding of the accounting and tax issues involved in your business will make growing and changing down the road smoother. Here are some important things to know before beginning a business. Don’t miss: Is the …

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Is the IRS calling your business a hobby?

You’ve found your passion or decided to start a side gig. In your mind this is a business, but does the IRS agree? Don’t miss: Colorado’s new tax – retail delivery fees The IRS may consider your business a hobby if your business claims a net loss for too many years or if it fails …

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Red flags that trigger a sales tax audit

A 2022 survey of business that had been audited in the last 18 months revealed just how much businesses stand to lose on audits, why they are audited, and the most likely state to get an audit notice from. Here are some red flags that trigger a sales tax audit. Don’t miss: Religious leader tax …

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Religious leader tax breaks

If you are an ordained, commissioned or licensed minister, there are special tax breaks available to you. Religious leader tax breaks includes both a parsonage allowance and a potential exemption from self-employment tax. Don’t miss: Tax law changes complicates filing A parsonage allowance is an amount officially designated for housing as part of your salary …

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Tax law changes complicates filing

Tax law changes are taking it’s toll. Towards the end of April, I was meeting with a client that had been out of the country on April 15. (Don’t worry, we extended the applicable tax returns!). He said to me – “You don’t look like you have much energy. You used up all of your …

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Inherited savings bonds

Have you found savings bonds in your parents’ safety deposit box after their death? Or tucked away in a dresser drawer or hidden in the pages of your mom’s favorited novel? You’ve inherited savings bonds! Savings bonds are one of those often lost and overlooked assets. Tucked away, sight unseen. Don’t miss: Benefits of having …

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Benefits of having an IRS online account

A safe and easy way to view information about your federal tax account is to have an IRS online account. It’s secure and free. To access your information online, you will need to register through ID.me which is a trusted technology provider, to provide identity verification and sign-in services that the IRS uses. The IRS …

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