Category: Small Business

Small Business

IRS Warns of Top Tax Schemes for 2019 by Edward N. Cooper, CPA


Posted on April 05, 2019 by Edward Cooper

By Edward N. Cooper, CPA The IRS has issued its annual list of the Dirty Dozen scams that taxpayers should look out for in 2019. Under U.S. laws, taxpayers are legally responsible for the information contained in their tax returns, even when those documents are prepared by someone else. Therefore, it is critical that you […]

How Can I Pay My Tax Bill? by Adam Cohen, CPA


Posted on March 15, 2019 by Adam Cohen

For many taxpayers, the joy they felt while taking home larger paychecks in 2018 due to the Tax Cuts and Jobs Act has turned to frustration as they file their federal income tax returns. Many are finding that they have a surprise tax bill or their refund from the government is significantly less than what they received […]

Miscellaneous Itemized Deductions – On the Brink of Extinction or Just in a Seven-Year Ice Age? by Jeffrey M. Mutnik, CPA/PFS


Posted on March 07, 2019

Individual taxpayers have long relied on miscellaneous itemized deductions as a catch-all for a variety of business- and investment-related expenses that the tax code did not already allow as specified itemized deductions, such as those for medical expenses or contributions to charitable organizations. However, with the passage of the new tax law, these miscellaneous itemized […]

IRS Issues Standard Mileage Rates for 2019 by Richard Cabrera, JD, LLM, CPA


Posted on March 05, 2019 by Richard Cabrera

The IRS issued the 2019 optional standard mileage rates that taxpayers may use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Beginning on Jan. 1, 2019, […]

You Cannot Deduct Lobbying Expenses Beginning in 2018 by Adam Cohen, CPA


Posted on February 18, 2019

The new tax law in effect on Jan. 1, 2018, repeals the business deduction for lobbying local governments and their officials, including the Indian Tribal Governments. While businesses are prohibited from deducting lobbying expenses on the federal and state levels, they previously could qualify to deduct the “ordinary and necessary” expenses they incurred to promote […]

IRS Sets Inflation Adjustments for 2019 by Tony Gutierrez, CPA


Posted on January 10, 2019 by Anthony Gutierrez

The IRS announced the annual inflation adjustments to various provisions of the tax code for 2019. You should consider each of these changes very carefully as you plan for tax efficiency this year and when you prepare your 2019 tax returns in 2020. Tax Rates The top tax rate of 37 percent applies to individual […]