Tax Tips for Gambling Income and Losses
UncategorizedGambling income. Income from gambling includes winnings from the lottery, horse racing and casinos. It also includes cash and non-cash prizes. You must report the fair market value of non-cash prizes like cars and trips. Payer tax form....
Prepare for Disasters by Safeguarding Tax Records
UncategorizedCreate a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set. Keeping a backup set of records –– including, for example, bank sta...
The IRS Sharing Economy Tax Center
UncategorizedThe IRS has a new web page to help people and businesses understand these tax implications. An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation places and perfor...
Moving Expenses Can Be Deductible
UncategorizedDid you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must mee...
Choosing The Right Type of Business Entity is an Important Decision
UncategorizedWhen you start a business, you have many choices to make. One key decision is choosing the form of business entity in which you will operate. For starters, you can set up your business as a Sole Proprietorship, C-Corporation, S-Corporati...
It’s Time for a Premium Tax Credit Checkup for your 2016 Health Insurance Marketplace Coverage
UncategorizedSince the advance payments are paid directly to your insurance company and lower the out-of-pocket cost for your health insurance premiums, changes in your income or family size may affect your credit. You should report changes that have...
ACA and Employers: How Seasonal Workers Affect Your ALE Status
UncategorizedWhen determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees. However, there is an exception for seasonal workers. If an employer’s workforce exceeds 50 full-tim...
National Taxpayer Advocate Reviews Filing Season
UncategorizedIRS Future State Plan For the last two years, the IRS has been developing a “Future State” plan that envisions how the agency will operate in five years and beyond. A central component of the plan is the development of online taxpaye...
About Your IRS Notice or Letter
UncategorizedIf you receive correspondence from the IRS your accountant is available but here are some tips from the IRS: Don’t Ignore It. You can respond to most IRS notices quickly and easily. Follow Instructions. Read the notice carefully. It ...
How to Register for Get Transcript Online Using New Authentication Process
UncategorizedThe IRS recently enhanced its e-authentication procedures required to register and use certain self-help tools on IRS.gov. This is a more rigorous e-authentication process than IRS has used in the past. It is in line with federal informa...