By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year. Normally, you can follow the instructions that you are provided. (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency. I’m not saying you are wrong- I am just saying, why bring on the aggravation.)
Tag Archives: Income tax
100% Deductible?
Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
Taxing Issues
Whew! Two days ago was the filing deadline for individuals and corporations. A month ago, the deadline for partnerships and flow-through entities elapsed.
Tax Reform? Here’s the first item on the agenda.
I promised you yesterday, I would discuss my tax proposal. Again. And, maybe now that everyone seems ready to talk about a better tax system, this concept can move forward.
Continue reading Tax Reform? Here’s the first item on the agenda.
Coming Soon to a Tax Agency Near You…
You’ve read about my concept to make corporate taxes more fiar and inclusive for years. No, I am not running for President. But, that doesn’t mean I don’t have better ideas, ones that our government (and other world governments) should adopt to stop the erosion of capital (and tax revenue!) from the shores of the countries from which these funds were developed.
It’s time. No! It’s WAY past time!!!
Here, we go. It’s the heart of election season (only because we have made the primary season so long- and have it run right into the national election). Only, this time, there’s enough talk (but still no action) that maybe we- that’s you and me, folks- can goad our do-nothing Congress into doing something to back up everyone’s polemics.
1 down. 1 to go.
Today is the Ides of March. No, I am not referring to the Julius Caesar masterpiece by Shakespeare (or the history to which it refers). Today is the due date for business tax returns.
Whiskey. Tango. Foxtrot.
No, this post has nothing to do with Tina Fey’s new movie. I even considered using a term I learned when I was about 7. the headline on the (then ultraliberal, now ridiculously conservative) New York Post that read ‘SNAFU’. And, when I confronted my dad to define the term for me, there was a great deal of hemming and hawing, until he came up with ‘Situation Normal, All Fouled Up’. (By now, i am sure you’ve discerned the true definition of the term.)
The Taxman Cometh- NOT!
One of the most common questions I receive this time of year (other than: “Can I please do their taxes?”) is. “What are my chances for an audit?”
Pay the Piper…
You know you owe taxes. And, because you don’t have the money you are considering NOT FILING. That is about the dumbest response to your predicament.