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When it comes to tax planning, C Corporations have some unique advantages. Every corporation starts its life as a C Corporation. It is possible to make an election (known as an S Corporation election) to be taxed as a flow-through corporation known as an S Corporation. A limited liability company (LLC) can elect to be ...

In a few months, there will be a lot of people wondering where their IRS refund is. Or they may not quite be there yet with their tax return preparation and instead are just happy they are getting a refund. I’m going to tell you something a little controversial right now. I don’t like IRS ...

Earlier this month, the IRS sent out over 21,000 letters to tax preparers reminding them of the penalties for tax return fraud. The letters were right on the borderline of being threatening. Now we’re learning that the IRS is planning to follow up with visits to 10% of those tax preparers. And they’re going to ...

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 ...