Options Traders and taxes

The 1099-INT and 1099-DIV reported to the Internal Revenue Service details how much you received in interest and dividends through your account, while form 1099-B reported the total proceeds of your sales of stocks and bonds during the year. The

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Posted in Deductible Expense, Disallowed Expenses, Net Operating Loss, NOL, Passive Activity, Small Business, Stock Options, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

Cost Basis

On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008. Tucked away in the Act is a provision that moves the responsibility of basis determination from the shoulders of the taxpayer to the shoulders of

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Posted in 1031 Exchange, Cancelled Debt, Capital Gain, Capital Loss, Charitable Contribution, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Estate Tax, Like/Kind Exchange, Passive Activity, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests

Employer Misclassification of Workers

The IRS and Department of Labor have joined forces to reduce employer misclassification of workers. Last fall, the IRS began auditing 6,000 companies to determine if they have misclassified workers as independent contractors or properly classified the workers as employees

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Posted in Business Expense, Employment Tax, FICA, IRS Audit, IRS Enforcement, IRS Examination, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests, Wage Garnish

Failing to Issue Form W-2 to Corporate Officers

A corporate officer who performs substantial services for the corporation and receives compensation is considered to be an employee. The corporation should issue a Form W-2 reporting the compensation as wages and withhold proper amounts for federal income tax, FICA,

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Posted in Business Expense, Employment Tax, FICA, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

New Small Business Health Care Tax Credit

The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive.

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Posted in Business Expense, Deductible Expense, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Gambling revenue recognition

A retired widow who enjoys playing the slot machines became a regular patron of a casino, and traveled there with friends every other week or so during 2004. Normally the widow would spend at least eight hours at the casino

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Posted in Gamble

Currently Not Collectible

Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Statutory Notice of Deficiency, Sub-chapter S, Tax Fraud, Tax Guidance & Preparation, Tax Relief

Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service

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Posted in Health Insurance, Medical Expenses, Tax Deductible Expenses, Tax Guidance & Preparation

Beware of ‘friend’ who offers to prepare your taxes.

One good reason to use a professional tax preparer to do your taxes may be the cautionary tale that appeared the other day in a Washington State newspaper. The Kitsap Sun reported that a Bremerton woman told police there that

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Posted in Tax Guidance & Preparation

HIRE Act of 2010 – Hiring Incentives to Restore Employment

The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18th, 2010 provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. It also includes new measures that heighten

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Posted in Employee Business Expense, Employment Tax, FICA, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business
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