Tax Trap #2 -- Double Taxation: Isnt Once Enough?

Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!

For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.

(NOTE: For further insight into the legal advantages of incorporating, check out the article: "It Can Happen To You: Why Any Sole Proprietorship Is A Risky Business" at http://www.YouSaveOnTaxes.com/happen-to-you.html)

From a tax standpoint, there are both advantages and disadvantages to incorporating. Yes, forming a corporation can either reduce your taxes or increase your taxes, depending on what type of corporation you create.

There are two main types of corporations: "C" Corporations and "S" Corporations -- and which type you choose can make all the difference in the world of taxes.

NOTE: The question of "C" Corp vs. "S" Corp has no effect on the asset protection provided by your corporation. This is a tax issue, not a legal issue.

A "C" Corporation can lead you into a Tax Trap known as "double taxation". Yes, income from a "C" Corporation can actually be taxed twice -- once when it's earned on the corporate level and again when it's paid to you, the shareholder, in dividends.

There are several ways to avoid double taxation. Often the easiest way is to tell the IRS that you choose to be an "S" Corp instead of a "C" Corp. The profits of an "S" Corp are not taxable to the corporation; instead, those profits are reported directly on the shareholder's personal income tax return and are therefore only taxed once.

And once is enough, don't you think!

Of course, any article on Choice of Entity must contain the old disclaimer, "Consult your tax professional" -- I am not prescribing a one-size-fits-all approach to this issue. But for many small biz owners and self-employed folks, the "S" Corporation is a good fit because it provides protection from personal liability and avoids the nasty tax trap of double taxation -- two great benefits worth checking into.

Should you incoporate your sole proprietorship and then decide that the "S" Corporation is the right fit, you must inform the IRS that your corporation is choosing "S" Corporation status by filing Form 2553, which is, in effect, an application to become an "S" Corporation.

IMPORTANT: If you incorporate and do not file Form 2553, you are automatically considered to be a "C" Corporation by the IRS. In other words, to be a "C" Corporation, you just incorporate; there is nothing you have to do to inform the IRS you want to be a "C" Corporation.

There are critical rules regarding how and when to file Form 2553, so be sure to read the instructions carefully, or check with your tax pro.

Failure to file Form 2553 on time or filing Form 2553 incorrectly results in a rejection of your corporation's "S" Corp application, and the corporation is then by default treated as a "C" Corp, subject to double taxation, the very trap you were trying to avoid.

To download a copy of Form 2553, go to: http://www.irs.gov/pub/irs-pdf/f2553.pdf

The instructions for filing Form 2553 are found here: http://www.irs.gov/pub/irs-pdf/i2553.pdf

Wayne M. Davies is author of 3 tax-slashing eBooks for the self-employed, available separately or as a 3-volume set, "The Ultimate Small Business Tax Reduction Guide". http://www.YouSaveOnTaxes.com/ultimate-guide

To get your free copy of Wayne's 25-page report, "How To Instantly Double Your Deductions" visit: http://www.YouSaveOnTaxes.com

In The News:

Indian tax panel unlikely to favour tax rate cut for auto sector: Sources  Economic TimesIndia's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of ...
After 40 years, UP ministers to start paying income tax  Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.
Don't reveal PAN on social media, Income Tax department warns  LivemintThe Income Tax department has asked all PAN card holders to not share their Permanent Account Number on social media.The I-T department has an online ...
Finance Minister announces new tax refund scheme, easy credit to boost exports  Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...
New Income-tax law – third time lucky?  Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...
Apple goes to court in world’s biggest tax case  LivemintAn EU court will decide if regulators were right to slap a record $14.4 bn tax bill on Apple.EU competition commissioner Margrethe Vestager's tax probes are ...
What to expect on personal taxation from the Direct Taxes Code  BusinessLineThe report of the task force on Direct Taxes Code (DTC) submitted to the Finance Minister on Monday is yet to be made public. But sources say that the panel ...
Not just UP, five state governments bear tax burden of CM and ministers  Times of IndiaIndia News: The state exchequer has been bearing the burden of income tax of the serving chief ministers and their council of ministers in five states, apart from.
Too many taxes, anti-rich mindset need to go for economy to be back on its feet  Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...
A key tax deadline is today. Here's how to make sure you don't botch it.  NBCNews.comGot some side income? Run a business? You're facing a tax deadline today. Individuals who pay the Internal Revenue *Service* every quarter must make their ...
Farm bodies exempted from 2% tax at source on payments above ₹1 crore  LivemintNEW DELHI : To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% ...
Income tax department relaxes time for applying for compounding of offences  LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...
Aviation ministry seeks tax waiver on passenger service fee  Economic TimesNEW DELHI: The civil aviation ministry has asked the finance ministry to waive income tax on the money earned though the passenger services fee (PSF), which ...
What is the tax liability of buying a second house using a home loan?  Economic Times"Income from house property is taxable once the taxpayer gets possession of the property."
Opinion | Auto sector tax rate cut demand has no moral or financial grounds  Moneycontrol.comShshank Saurav. The Indian automobile industry, plagued by prolonged sluggish sales, is making a strong pitch for government support in the form of tax cuts.
Income tax benefits on costs of education under Section 80E to Section 80  LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...
New income tax rule on insurance maturity proceeds: 5 things to know  LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...
How your business structure affects taxes  Economic TimesRelevant business structure attracts a certain tax liability and it is important to consider the tax implications before finalizing the formation.
First Time Paying Taxes? Buckle Up  The Wall Street JournalThe tax code is always complicated, but it helps to know the basics. Here are answers to 10 questions to help you get there.
The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
Climate change: Germany's conservatives mull doubling air travel tax  BBC NewsOnly domestic flights will be affected, say the Christian Democrats, who govern in a coalition.
Be aware of the taxes to pay while buying, selling or letting out a house  Moneycontrol.comCarefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.
8 Years of Trump Tax Returns Are Subpoenaed by Manhattan D.A.  The New York TimesState prosecutors in Manhattan have subpoenaed President Trump's accounting firm to demand eight years of his personal and corporate tax returns, according ...
CBDT launches one-time facility for compounding of income tax offences  Economic TimesA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT ...
Why so many non-religious Europeans pay church taxes  The EconomistIN THE Old Testament, priests are told to take a tenth of every believer's crops as a tax to support the faith. In these latter days, they can outsource the job to the ...
Google will pay over $1 billion after French investigation over dodged taxes  The VergeGoogle has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.
How to use NPS to reduce your income tax this year  LivemintYou should start planning for income tax if you have not done so far. Among other options, you could closely look at NPS or National Pension Scheme to save ...
Taxing wealth at lower rate than income is wrong, says thinktank  The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
Govt hoping for windfall gains from tax amnesty scheme  Business TodayAt a time when the government is scurrying for every penny that counts - because of fiscal uncertainty arising out of a slowing economy - it can hope to get some ...
Government to tweak Income Tax Act, won’t replace it with direct tax code  LivemintNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...
The New Tax Math for People Living in High-Tax States  The Wall Street JournalMore snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt. The Tax Cuts and Jobs Act of ...
Why should a citizen of UP pay income tax for its rich netas?  India TodayIn Uttar Pradesh, the citizens have been paying income tax for their rich netas for the last 40 years. And in 2017, 80% of UP's netas declared themselves as ...
Millennials, Taxes or Failed Policy? Blame Game Ensues as Wheels Come Off India's Auto Sector  News18The country's once-booming auto sector — seen as an important barometer of overall economic health — is in the slow lane, with sales slumping for the ...
Investing in NPS via credit card allows you to save tax without money in hand  Economic TimesYou must ensure that you have enough credit limit available on your card for the amount you are investing in NPS so as to get full tax-saving deduction benefit.
Tax task force recommends new tax slabs for individuals  Economic TimesNEW DELHI: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals.
Income-tax return filings surge to a record  LivemintTax returns filed on the final date surged 41% to 4.9 mn filings in 2019-20 assessment year from a year ago.There has been a sharp increase in filing returns ...
Nothing works better than tax incentives to boost consumer demand  Moneycontrol.comThe economy does not move in a linear fashion, but is instead swamped with its share of ups and downs. Post the 2008 and 2013 meltdown, we are witnessing ...
Inheritance tax would be scrapped by the Brexit party – good news for the very rich  The GuardianA minuscule number of wealthy people would benefit from such a move, says Torsten Bell of the Resolution Foundation.
Oil companies flag roadblocks in rationalising taxes on jet fuel  Economic TimesNEW DELHI: Oil marketing companies have cited issues like sales tax as a barrier to the Civil Aviation Ministry's plan to rationalise additional charges that ...
NY Prosecutors Subpoena Trump Taxes  DTN The Progressive FarmerNEW YORK (AP) -- New York City prosecutors have subpoenaed President Donald Trump's tax returns, a person familiar with the matter told The Associated ...
Is it time to switch income tax with a sales tax?  The GuardianIs it time for the US to consider switching from income tax to a progressive consumption tax as a way of addressing growing wealth inequality? Many economists ...
Opinion | It’s time for a direct tax regime that’s growth-focused and fair  LivemintA more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity.
GST Council meets next Friday; tax rate cut to hinge on revenue position  Moneycontrol.comThe all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind ...
7 changes in income tax laws that come into effect from Sept 1  Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.
NBN kills 'Netflix tax' idea and unveils basic unlimited plan  The GuardianProposal put to internet *service* providers earlier this year would have targeted high-volume users of video streaming services.
College student tried to hack into Trump’s taxes by creating a fake FAFSA application  The VergeTwo college students are facing federal prison time for attempting to hack into President Trump's tax returns, as reported by CyberScoop. Andrew Harris, 24, and ...
Delhi: ED raids income tax officer, books him for money laundering  India TodayThe Enforcement Directorate (ED) said on Saturday that it has raided multiple locations linked to IRS officer Neeraj Singh, a commissioner in the income tax ...
Scheer would restore Harper’s child fitness and arts tax credits Liberals axed  CityNews CalgaryLAKE COUNTRY, B.C. — Conservative Leader Andrew Scheer wants to revive two more of Stephen Harper's boutique tax credits axed by the Trudeau Liberals.
SBI research report calls for abolition of capital gains tax to boost savings  LivemintOther measures, to reverse slowdown, include increasing consumption and identifying other sources of infrastructure funding.The introduction of such tax has ...
Auto sector crisis: Amid dip in revenue, govt may not cut tax to spur demand; carmakers should be ready...  FirstpostSrivastava also pointed out that India's auto sector had seen its best growth in the 7-8 years that Uber and Ola came into existence.
Senior citizen tax benefits: From income tax to pension – 10 exclusive points explained  The Financial ExpressHere are 10 income tax and other investment benefits available exclusively for senior citizens.
How Democrats can raise taxes without technically raising taxes  The WeekEarlier this month, the Trump administration scuttled an ill-fated proposal to index capital gains taxes to inflation. Income tax brackets have been indexed to ...
Tamil Nadu's New EV Policy Seeks Full Road Tax Exemption for Electric Vehicles Until 2022  News18According to the Tamil Nadu Electric Vehicle Policy, all EVs, two, three and four-wheelers, buses and light commercial vehicles, will be given 100 per cent Motor ...
What to expect from the Direct Tax Code  Forbes IndiaA report, which aims to overhaul the Income Tax Act, has not been released to the public, but its recommendations are expected to cover four primary areas.
Walmart dodged up to $2.6 billion in US taxes, former exec says  QuartzWalmart, the world's largest company, “improperly avoided” up to $2.6 billion in US taxes through an elaborate tax dodge involving a “fictitious” Chinese entity, ...
New income tax rules come into effect from September 1. Latest changes explained  LivemintSome income tax changes announced in this year's Budget comes from September 1, 2019. The full Budget for this year was presented in July this year.
You need a systemic approach to tackle systemic corruption: Arvind Virmani  LivemintArvind Virmani, the chief economic adviser in the finance ministry from 2007 to 2009 and currently chairman of the Foundation for Economic Growth and Welfare, ...
Direct tax committee calls for major changes to reassessment rules  Business StandardThe government-constituted task force for re-writing the direct tax legislation has suggested major changes in provisions for reopening and reassessment, in a ...
State senator proposes NYC payroll tax to expand child care  New York Post Already grappling with among the nation's highest tax and regulatory burdens, Big Apple businesses could get socked with a new kiddie care tax being ...
Trump again dangles a promise of tax cuts  CNNWashington (CNN) President Donald Trump is reviving last year's promise to slash taxes for America's middle class as he seeks to bolster his reelection bid ...
Dont let future Lijjat Papads die because of tax procedures: Tax tribunal  Business StandardIn a rare development, an income tax tribunal has suggested to the government to help new semi-skilled entrepreneurs become tax compliant instead of forcing ...
Govt offers resolution for pre-GST disputes with tax authorities  Business StandardCompanies will get up to 70 per cent duty relief if they settle their pre-GST disputes with the tax authorities, according to a scheme, which will become ...
Income tax dept launches faceless e-assessment scheme. 5 things to know  LivemintNEW DELHI : With the launching of faceless e-assessment facility, all your income tax returns (ITR) would be assessed and scrutinised in complete electronic ...
Govt gets tax bonanza from online ads on Google, Facebook  LivemintNew Delhi: Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in ...
After 3-year beer ban in Delhi, Budweiser maker now being probed in tax evasion case  India TodayIn another setback for Budweiser and Hoegaarden-maker Anheuser-Busch InBev, the brewer is now being probed in a case of alleged tax evasion.
Deadline of filing Income Tax Return not extended; do it by August 31  India TodayThe I-T department dismissed reports which claimed that the government has extended the due date for filing of income tax returns and said it should be filed by ...
US briefing: Saudi oil attack, Trump's tax returns and Israel election  The GuardianTuesday's top story: White House says response to oil plant attack depends on Saudis. Plus, meet the climate whistleblowers muzzled by Trump.
View: NDA government could reform India's regressive taxation philosophy  Economic TimesRemoving bias in tax treatment can lead to better allocation of resources & end investments slowdown.
Pay penalty of Rs 10,000 for late Income-Tax filing after December 31  Business StandardI have received money from a friend abroad amounting to over Rs 2 lakh. He has said I can repay him at ease. When filing returns, can I declare it as a loan to ...
Progressive tax-the-rich push gains momentum | TheHill  The HillThe progressive push to raise taxes on the rich is gaining new momentum.
You can now pay insurance premium, school fees, municipal taxes through Bharat Bill Payment System (BBPS)  LivemintThe only category excluded from Bharat Bill Payment System (BBPS) now is prepaid recharges.BBPS payments can be made using cash, cheques as well as ...
Income Tax Refund for AY 2019-20: Waiting for income tax refund? Here is how to claim ITR refund and check status  The Financial ExpressIn case you have paid taxes in excess of your tax liability for FY 2018-19, you can claim your income tax refund by filing your income tax return for AY 2019-20.
Canada’s Revenue Agency is now curious about defunct crypto exchange QuadrigaCX’s tax returns  The Next WebCanada's Revenue Agency is now looking into the corporate tax returns submitted by QuadrigaCX, the troubled cryptocurrency which collapsed earlier this year.
States opposing cut in tax rate on auto ahead of GST council meet  India TodayWhile the government is keen to go for a reduction in GST rate cut from 28 per cent to 18 per cent for the auto sector, the move's negative fallout in the form of ...
Can you claim income tax refund if you fail to file revised return within time limit?  The Financial ExpressThe Income Tax Act, 1961 has explicitly laid down the time limits for filing of original and revised tax returns which need to be adhered to strictly.
How to verify Income Tax Return (ITR) via Aadhaar-based OTP  India TodayIn order to verify ITR using the Aadhaar-based one-time password (OTP), the candidate's mobile number should be linked to Aadhaar card and registered in the ...
Meat tax could be brought in to save the planet  Metro.co.ukBritish shoppers could soon see the cost of their favourite BBQ staples shoot up as the government faces increased pressure to tax red meat. The introduction of ...
Urgent need to cut both corporate and income tax: Saugata Bhattacharya, Axis Bank  Economic TimesTax cut is the most effective way of getting out of this slowdown and the sentiment.
ITR processed? Here's how to request intimation notice u/s 143(1)  Economic TimesOnce your income tax return (ITR) is processed, the tax department is required to send you an intimation notice under section 143(1). This tax notice will tell you ...
How to pay income tax online or deposit challan at banks  LivemintYou have filled up your ITR form and then find out that you have to pay a certain amount of income tax that is due. The taxpayer can do it both online and offline.
Apple Attacks EU in Court Fight Over $14 Billion Tax Bill  BloombergApple Inc. told a European Union court it plays by the rules as it sought to topple a massive EU back-tax bill that's the hallmark of antitrust chief Margrethe ...
Opinion | Common taxpayers suffered this tax filing season due to frequent changes  LivemintNew tax law should ensure that laws and ITR formats are not changed every year.
Canada Revenue Agency Audits QuadrigaCX’s Corporate Tax Returns  CointelegraphThe Canada Revenue Agency is auditing the corporate tax returns filed by QuadrigaCX, the now-defunct Canadian cryptocurrency exchange.
ITR forms with pre-filled investment data soon  Economic TimesPre-filled forms will soon be able to pick salary breakup directly from an individuals Form 16.
Income tax benefits you get in sovereign gold bonds: 5 things to know  LivemintSovereign gold bonds are a good option to take exposure to gold as an asset class, say financial planners. After from fetching 2.5% interest, sovereign gold ...
Over 2 crore income tax return filers yet to verify their ITRs. How to do it  LivemintOnly after the verification of ITRs, the income tax department starts processing it.You can verify your ITR offline as well as online.
Tough to claim input tax credit for donated goods  Economic TimesGST authorities have, based on the facts of the case, denied ITC claims, especially when the company was not distributing its own products.
Police probing Budweiser-maker AB InBev in alleged New Delhi tax evasion case  LivemintNew Delhi: Police in New Delhi are probing a case of alleged tax evasion involving Anheuser-Busch InBev, according to a police officer and a document seen ...
No Prosecution for Minor Offences upto Rs 25 Lakh, Two-member Collegium For Higher Tax Defaults  News18New Delhi: Finance minister Nirmala Sitharaman on Saturday announced that prosecution for procedural or tax defaults below Rs 25 lakh will be sanctioned ...
Manhattan district attorney subpoenas Trump tax returns  MarketWatchNew York City prosecutors reportedly seek eight years' worth of President Donald Trump's tax returns.
UAE's Federal Tax Authority launches campaign on expansion of Excise Tax  Gulf NewsAbu Dhabi: The Federal Tax Authority (FTA) on Monday launched its comprehensive awareness campaign which seeks to introduce the objectives and ...
Tax on snacks would have 'huge impact' on obesity, say experts  The GuardianA snack tax of 20% on biscuits, cakes and sweets would have “a huge impact” on obesity levels in the UK and be more effective than the current levy on colas ...
Labour's tax on City deals would be a big vote winner  The GuardianFinancial sector is rattled by John McDonnell's support for an FTT that would raise about £7bn a year.
Reporting of foreign assets in income tax return: CBDT issues clarification  Economic TimesCBDT has clarified that only foreign assets acquired as per the relevant accounting period of the foreign country have to be reported while filing ITR for FY ...
All tax refunds under new export scheme may be tough, says finance ministry  Times of IndiaIndia Business News: As the government works on an “export package”, the finance ministry has said that it may not be possible for the government to shift all ...
India needs to move towards single corporate tax bracket of 25%: KPMG report  Business TodayKPMG has said that India needs a single corporate tax rate of 25% sans any surcharge or cess above it. The accounting and advisory firm in a report has ...
Chinese takeover of Bellamy's infant formula would benefit tax-haven entities  The GuardianAlmost 12% of firm's shares are held by Curaçao-registered entity linked to Kathmandu founder Jan Cameron.
Google Tipped to Win Hungarian Tax Dispute  Market RealistGoogle looks poised to win a tax dispute with the Hungarian government, an advisor at Europe's top court said on Thursday.
Manhattan DA 'subpoenas eight years of Trump’s tax returns' – as it happened  The GuardianSubpoena seeks federal and state returns for US president and his accounting firm dating back to 2011, according to the New York Times.

What to Do If You Can?t Pay Your Taxes

The end of tax filing extensions is quickly approaching. What... Read More

Small Business Tax Credit - Americans with Disabilities Act

Many small businesses complain when confronted with the expense of... Read More

Taxation of Forgiven Debt: The 1099C & You

Often people fall on hard times and stop paying on... Read More

A Taxing Investment

April 15 - The most dreaded day of the year... Read More

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)

Background issues of access to recordsTo assess the records at... Read More

Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?

Tilting the Tax Laws in Your Favor.In order to accelerate... Read More

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

Amending Procedural Laws for Collection of E-taxation

The electronic transaction ordinance defines the certificated copies in which... Read More

Small Business Tax Deduction - Write-Off Bad Debts

Practically every small business has receivables that it cannot obtain... Read More

Employment Taxes ? What Are They?

If you have employees, you are responsible for paying a... Read More

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax... Read More

Early Distributions From Retirement Plans

An early distribution from an Individual Retirement Arrangement (IRA) or... Read More

Military Reservists, Enlistees May Get Deferral of Back Taxes

Reservists called to active duty and enlistees in the armed... Read More

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from... Read More

Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction

Most people look forward to getting their tax return, but... Read More

What is a Federal Tax Lien?

A Federal Tax Lien (FTL) is a legal instrument that... Read More

Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of... Read More

How To Get An Instant Pay Raise

As a gentleman was leaving my class recently, he wanted... Read More

Failure To Pay Employment Taxes ? Penalties

As an employer, you must pay employment taxes if you... Read More

IRS Lock-In Letters ? What?s An Employer To Do?

Employers often ask employees to designate the amount of tax... Read More

How to Check the Status of Your Tax Refund Online

So, you were pleasantly surprised to learn that you are... Read More

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More

Keeping Your Own Money ? NOT Handing It Over To The Taxman

Most people trying to make a crust online (or offline... Read More

Business Tax Deductions

As we enter mid-March, taxpayers begin to become very interested... Read More