Year-End Form 1099-MISC

This announcement is meant for all of our self-employed clients (Schedule C), and all of our landlord clients (Schedule E). There are penalties for not filing form 1099 to the government and to your subcontractors who are not incorporated, regarding your payments to...

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Daily Gambling Log

Technically speaking, an amateur gambler must report the full amount of each and every win on the miscellaneous income line on page 1 of Form 1040. Use this for your LOG, and enclose it with the rest of your tax info, and Tax Organizer. Daily Gambling...

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How Far Back Can the IRS Audit?

  There are two basic statutes of limitation.   First is the statute of limitations, which provides that the IRS has three years to assess an additional tax due. For example, for a taxpayer who filed a 2012 tax return on April 15, 2013, the IRS has until April 15,...

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Year-End Tax Tips for Individuals 2015-2016

ALEXANDRIA, VA. (NOVEMBER 30, 2015) BY MICHAEL COHN (Accounting Today)   The National Society of Accountants has released some suggested year-end tax tips for individuals, courtesy of Wolters Kluwer Tax & Accounting US. Individual income tax rates of 10, 15, 25, 28,...

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Year-End Tax Tips for Businesses 2015-2016

ALEXANDRIA, VA. (NOVEMBER 30, 2015) BY MICHAEL COHN (Accounting Today) The National Society of Accountants is offering some year-end tax tips for businesses, courtesy of Wolters Kluwer Tax & Accounting US. Consider several general strategies, such as use of...

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