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Disastrous hurricane Matthew on Florida coastline. 3D illustration. Elements of this image furnished by NASA

How Matthew may have reduced your tax bill

Casualty losses and tax deductions With Hurricane Matthew having caused over $200 million in insurance claims so far, many people will have opportunities to take a deduction on their 2016 individual income tax return and possibly even amend their 2015 return to get a current refund. The two key items to keep in mind when… Read More »

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ACA Implementation is NOT Delayed

While most Americans were planning for a weekend filled with food, fun, and fireworks, the Treasury Department got the party started a little early on July 2 with an announcement on their online blog that the Obama Administration intended to delay enforcement of the employer mandate provision of the Affordable Care Act for one year. … Read More »

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Do You Have Hidden Cash In Your Building?

By Pam Duggar The new tax increases have pushed engineered cost segregation studies onto the center stage for commercial property owners. Increased expenditures and depreciation combat higher taxes. This is a well-vetted deferral strategy. Current governor of Florida, Rick Scott, opened the doorway for engineered cost segregation studies benefits to all taxpayers when his company… Read More »

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Posted in Book keeping, Down to Business, Featured Articles, Finance and taxes, Management, Taxes0 Comments

Cash vs. Taxes

Think differently to save cash instead of saving taxes this year By Greg Crabtree, CPA Every business owner knows the drill; you made a profit this year so you need to spend your cash to save on taxes. Try to think differently this upcoming year to “save cash” not “save taxes.” The inherent flaw in… Read More »

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Saving with cost segregation

Why you may be overpaying your federal taxes every year By Brent Ross Countless numbers of commercial property owners overpay federal taxes every year and are missing out on allowable depreciation expense deductions. Under existing IRS tax law, accelerated depreciation expense deductions are available to all federal taxpayers; however, without an engineering-based cost segregation analysis,… Read More »

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Taxing situations

When it comes to your taxes, the IRS may just be human after all By Keith Johnson As business owners and individuals, you’ve all had that sinking feeling at one time or another when your tax return is prepared and you get hit with the shocking news. Because of improper planning, unforeseen circumstances, or some… Read More »

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Insurance benefits: Large tax exposure may require creative retirement solutions

By Bert Livingston     Most small business owners and professionals are familiar with group term life insurance programs—particularly those that offer up to $50,000 of term life insurance to employees. These programs, sanctioned by Section 79 of the Internal Revenue Code, also permit employers to provide additional amounts of term life insurance in excess of $50,000… Read More »

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IRS takes aim at businesses: What to do if you are audited

With an ever-growing Federal budget deficit, the Internal Revenue Service (IRS) is working harder to find new or missing revenue and has hired more agents in the last five years to conduct business audits. Alan Weinberg, leader of the IRS Tax Practice and Procedure Group with Dixon Hughes, PLLC, (www.dixon-hughes.com),certified public accountants and advisors, says… Read More »

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Tax time preparation:Get organized now to make the process go smoothly

By Joe Palermo     Does the thought of preparing your business tax return leave you with an uneasy feeling? Then do not wait to the last minute to get all your documents organized. Block out time and begin the process of gathering and organizing all of your financial documentation of all business-related expenses. Some expenses are… Read More »

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IRS: Don’t use frivolous arguments to avoid taxes

Do you believe paying taxes is voluntary? Or that you don’t have to comply with an administrative summons about your taxes? Think again. These beliefs—and many others—are erroneous, says the Internal Revenue Service, which has released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals… Read More »

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Posted in Breaking News, Down to Business, Finance and taxes, Taxes0 Comments

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