Tax & The IRS
Business commute might be deductible
Generally, driving to and from work is considered a nondeductible personal expense. The Internal Revenue Service reasons that because you choose where you live, you should live near where you work. However, there are a few exceptions:
If you have more than one place of business. If you drive to your main office daily but have [...]
Gonzalez sponsors tax simplification bill
U.S. Rep. Charles Gonzalez, D-San Antonio, is sponsoring legislation to simplify the home office tax deduction for small-business owners.
Under current law, qualified individuals can file for a home office tax deduction if they use a portion of their home as a principal place of business or a place to meet with clients. However, although studies [...]
Audit Attractors to Watch Out For
Be careful not to put a target on your tax return.
What Triggers an Audit?
Following is a comprehensive list of things that can trigger an IRS audit:
Failure to include income that has been reported to the Internal Revenue Service
During the month of January, you receive tax documents in the mail declaring income and certain expenses that [...]
Governor signs bill to cut taxes for small business owners
AUSTIN – Gov. Rick Perry today signed House Bill (HB) 4765 which lowers the tax burden for more than 40,000 small businesses across the state. The bill more than triples the small business franchise tax exemption from $300,000 to $1 million. Revisiting the business franchise tax was a priority the governor laid out before the [...]
How to beat bankruptcy
It’s not impossible to get your business out of debt and heading towards profitability. Others have done it and you can too.
Facing bankruptcy can be a terrifying experience for a franchisee or small business owner. But it’s not uncommon – and it’s not hopeless either. Not everyone comes back from the brink, but Jeff McKeown [...]
If You Pay Your Taxes With Plastic, You Can Deduct It Too
In case you didn’t know, the IRS added several new business tax types available for credit card payments in 2007. These tax types are payable electronically through Official Payments Corp. And the fee you pay is deductible too.
The IRS determined when it began accepting credit card payments for business taxes in 2006, that the [...]
Death by tax fraud
Some Jackson Hewitt franchise owners may be feeling the heat after U.S. sues a franchisee for tax-fraud schemes.
On April 17 Jackson Hewitt franchise owners may be getting a little hot under the collar.
That’s not because of today’s tax deadline, but rather because earlier this month the Justice Department sued the operators of more than 125 [...]
