When most people think of capital assets, the first thought is stocks. Stocks are considered a capital asset, however personal property are also considered capital assets. We will provide an overview of capital assets.
Writing Off Holiday Travel?
The holidays are great for spending time with family and friends. The holidays may also mean travelling long distances to meet with family and friends. Business owners and self-employed individuals may take advantage of this opportunity to deduct the cost of travel as a business expense. We recommend understanding the rules for business travel before taking the business deduction.
IRS Audit Proof For Businesses
Do you want your business to be IRS Audit Proof? Follow these 5 tips to insure that you don’t get in trouble with the tax man.
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Obamacare Tax Credit Trap
You may qualify for a subsidy when applying for Obamacare. The subsidy is considered an advanced payment of the Premium Tax Credit. The amount of subsidy you may qualify for is based on your estimated family income. Estimating your family income incorrectly can cause issues during tax time. This includes potentially paying hundreds of dollars back to the government for receiving too large of a subsidy.
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IRS is Hacked
Earlier in the year, the IRS said identity thieves stole tax return information from 114,000 taxpayers. The IRS has since said the number of taxpayers affected was actually 220,000.
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Tried Calling the IRS Lately?
If you tried calling the IRS lately, you were likely either on hold for a long time or you were disconnected and told to call back later. You are not alone. Customer service at the IRS has declined significantly over the past year.
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Set up an IRS or Michigan Payment Plan
The IRS and State of Michigan have programs to help you pay outstanding tax balances. You are able to set up an installment agreement. The IRS and State of Michigan have different installment agreement programs.
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Tax Treatment on the Sales of Personal Property
When most people think of capital assets, the first thought is stocks. Stocks are considered a capital asset, however personal property are also considered capital assets. We will provide an overview of capital assets and sales of personal property.
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Back Taxes on Credit Report
Delinquent back taxes can show up on your credit report. This will have a harmful effect on your credit score. There are steps that can be taken to remove taxes from your credit report.
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Tax Collection Statute End Date
Owing back taxes is a heavy burden. Especially if there is a limited ability to pay the taxes owed. If you are in this situation, it is good to know the Collection Statute End Date. There is a set period of time the IRS and the State of Michigan have to collect back taxes. Continue reading…