USTaxAid Services

As the year comes to an end, it’s time to start thinking about US tax strategies for year-end. There is still some time to get things done, but remember your tax strategies need to be in place before the end of the year. You can’t plan in 2012 for 2011 taxes. Here are some of ...

I’m not a fan of Schedule C (Sole Proprietorship) businesses for 3 big reasons: They will cost you more in tax. They put everything you own at risk. They are more subject to audit. And I know there are 2 reasons why people will probably always continue to use them: Schedule Cs are way easier ...

Now is a great time to start collecting Social Security numbers and EIN (Employer Identification Numbers) for all of your non-employee workers. You will need to prepare a Form 1099-MISC for every person or non-corporate business structure that provided more than $600 of services for your business in 2011. You also need to report anyone ...

At the end of October 2011, I had the opportunity to be at a meeting with some very successful business owners. Multi-millionaire/billionaires were in attendance and I got to spend some time with them. Here’s a short 11 min video on what I learned they are doing now and where they see the opportunities are ...

The IRS has released their ‘average’ write-offs based on income. There is no hard and fast rule on how much you can deduct before the audit bells go off, but usually you’re safe if you stay at or under the average amount. Adjusted Gross Income under $15,000: Taxable income is $2,739, Interest Expense is $8,838, ...

Most of the real estate-related headlines continue to be about the depressed market and foreclosures. In my world, the tax world, there are two tax trends that we’re watching closely. #1: Lenders continue to send out nonsensical Form 1099-As and Form 1099-Cs, or send none at all, or send them years after the foreclosure. And ...

There are a lot of special rules for people who buy and sell stocks. If you have a gain, it’s probably a short term or long-term capital gain. Short-term capital gain means it is taxed like ordinary income. Long-term capital gain gets special tax treatment. If you have a loss, you’re limited to an offset ...

The IRS has pushed back its requirement for paid tax preparers to receive special licensing. It was slated to start this year, but if an existing unlicensed tax preparer has a PTIN (special number we get from the IRS), they get a one-year reprieve. That reprieve is not available for California and Oregon state returns, ...

These days, it seems like there are two types of business owners: Those that are closing their business or are about to, and Those that are making more money then ever before. In Category #1: There are a couple of reasons why the business owners are closing down. It could be that they realize it’s ...

Finally some good news from the IRS. They are going to file fewer tax liens. The IRS files tax liens against property when there are unpaid taxes. Currently, they file liens automatically when there is past due tax of $5,000 or more. They will be increasing the threshold to $10,000. They also have stated that ...