Archive for 'Accounting Advice for Businesses'

5 Key Rules on How Lawsuits are Taxed

5 Key Rules on How Lawsuits are Taxed

1. Taxes depend on the “origin of the claim.” If you get laid off at work and sue seeking wages, you’ll be taxed on wages, and probably some pay on a Form 1099 for emotional distress. But if you sue for damage to your condo by a negligent building contractor, your damages may not be income. you may be able to treat the recovery as a reduction in your purchase price of the condo. The ...

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Americans Gave Less Money to Charities Last Year

Americans Gave Less Money to Charities Last Year

Giving by individuals fell an estimated 3.4 percent, after adjusting for inflation, last year, according to a report by Giving USA. The numbers reflect the first year of the 2017 tax overhaul that expanded the standard deduction, a simpler way of filing taxes, but also excluded millions of taxpayers from claiming a tax break for donating to charity.

Total estimated giving by corporations, foundations, as well as individuals, fell about 1.7 percent, after inflation, to $427.7 billion. Individuals account ...

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Tax Scams

Tax Scams

Although the April filing deadline has passed, scam artists remain hard at work, and the IRS is warning of a spring surge of phishing emails and telephone scams.

The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues and another threatens people with a tax bill from a fictional government agency. Here are some details:

* The SSN hustle. The latest twist includes scammers claiming to be ...

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2018 Tax Data

2018 Tax Data

• During Fiscal Year 2018, the IRS collected nearly $3.5 trillion,
processed more than 250 million tax returns and other forms, and
issued almost $464 billion in tax refunds.
• Close to 58 million taxpayers were assisted by calling or visiting
an IRS office.
• The use of IRS website, IRS.gov, continued to grow with almost
608.8 million visits.
• Of the taxpayers who participated in the 2018 Comprehensive
Taxpayer Attitude Survey, 85% said it is not at all acceptable to
cheat on their ...

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1031 Exchange Benefits

1031 Exchange Benefits

The sale of investment real estate may result in the recognition of ordinary income, capital gain, depreciation recapture and/or Medicare Surcharge (“Obamacare”) income tax liabilities.Payment of these income tax liabilities reduces the amount of cash available for reinvestment and makes it difficult to invest in larger, more profitable properties. Using and 1031 Exchange, you can defer the payment of your income tax liabilities, keeping 100% of your cash working for you by reinvesting in replacement properties.

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Tax Refund Taxability

Tax Refund Taxability

Internal Revenue Ruling 2019-11 states that taxpayers who itemize deductions and who paid state and local taxes in excess of the $10,000.00 may not be required to include the entire state and local tax refund in income the following year.

photo by:


401(K) 2013

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Results of new tax law

Results of new tax law

The Internal Revenue Service reported a $4.4 billion decline in total tax refunds as of April 19, 2019, the first tax season under the Tax Cuts and Jobs Act, with the average size of tax refunds down about 2 percent.

photo by:


kenteegardin

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Select Tax Benefits to Increase in 2014 Due to Inflation

Select Tax Benefits to Increase in 2014 Due to Inflation

The IRS announced adjustments for over 40 tax provisions today to account for annual inflation.  These changes will take apply to tax year 2014 returns. Review some of the most notable changes outlined below:

Income Tax Rates

The tax rate of 39.6% applies to singles who earn more than $406,750 (or $457,600 for married couples filing jointly). This is an increase from $400,000 (and $450,000) in 2013.

Standard Deduction

The standard deduction will increase to $6,200 for singles (or married couple filing separately) and ...

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Mixed Reviews for the Health Insurance Exchanges

Mixed Reviews for the Health Insurance Exchanges

The Exchanges Surprise Some and Anger Others

As per the Patient Protection and Affordable Care Act, the insurance market exchanges were officially launched on October 1, 2013. The reviews continue to trickle in from small business owners on the exchanges. The feedback is mixed at best. Designed to offer low-cost insurance for individuals and small businesses, some owners are reporting that the rates and coverage are surprisingly affordable, but many aren’t as happy.

As with any major change, people adapt at ...

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The End of 2013 Brings Big Tax Changes…

The End of 2013 Brings Big Tax Changes…

The end of 2013 will bring with it relief—hopefully now that the Shutdown crisis is over—as well as major changes in tax laws to consider. This may be one of the most significant years in terms of tax law revisions especially for business owners but also individuals, since the ACA is now a reality.

The year’s end also brings with it challenges for both individuals and businesses. There are very important changes in the works because of both the American ...

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