Archive for the Tax Relief Category

Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared.   Your audit risk is (probably) low.

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The IRS is Not Always Right

 The IRS is Not Always Right Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do not

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5 IRS Audit Red Flags

You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat.   Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. Did I declare all of my income? Are

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2016 Standard Mileage Rates

The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by four cents. Charitable mileage rates are unchanged. 2016 Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving

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Tis the Season…for Review

As 2015 winds to a close, there are a number of tasks that should be reviewed. To help you plan accordingly, here are some things to consider. Employee benefits. Most employer benefit plans have enrollment periods that coincide with the calendar. Please review your benefit options with

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Why You Might Get a Letter from the IRS, and What to Do

Don’t panic: It isn’t necessarily bad news. But you may need to deal with it.   Getting a letter actually addressed to you personally is becoming a thing of the past, what with email and social media taking over a lot of our correspondence.   But a

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2016 Retirement Contribution & Social Security Limits

As the end of the year rolls around, if you have not already done so, now is the time to plan for contributions into your retirement accounts in 2016. Retirement Contribution Limits Retirement Program 2015 2014 Change Age 50 or over catch up IRA: Traditional $5,500 $5,500

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Should You Claim the Home Office Deduction?

It can reduce your income tax obligation, but be sure you understand the IRS’s rules. One of the many ways the internet has changed business over the last two decades is the increasing numbers of part-time entrepreneurs. Simple do-it-yourself website design tools have made it possible for

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Q&A: IRS Audits

  Being selected for an audit doesn’t mean that you’re suspected of incorrectly reporting your taxes. There’s no getting around it: The prospect of being audited by the IRS is unnerving. But the agency chooses to audit individuals and businesses for a number of reasons, including: Mismatched

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Contractor or Employee? How the Income Tax Obligations Differ

Contractor or Employee? How the Income Tax Obligations Differ It’s a very important distinction, and one that can get you in hot water if you misclassify workers.  Full-time employees of companies often look at independent contractors with envy. They can generally work whatever hours they want. They

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