There are a number of situations where you’ll have to create and/or file Form 1099s. However, how do you know if you are affected? If you’ve been sending Form 1099s for years, you’re probably already working on them or have completed them. If you receive them regularly, they should be on their way to you […]
The IRS’s Treatment of Bitcoin Payments
If you’ve paid attention to the news the last few years, then you have probably heard of Bitcoins. In fact, you may even have considered accepting them as payment for services or product sales. Before you do, you’ll want to make sure you have an understanding of how the IRS treats Bitcoin payments. First, it’s […]
Section 179 – Why it Still Matters
Section 179 allows a business to deduct the total cost for qualified leased, financed or purchased equipment in the year it was purchased instead of depreciating the cost over the life of the equipment. Typically, however, Congress waits until after the first of the year to renew this section, which can hurt small business owners […]
How to File an Appeal with the IRS
The thought of having to communicate with the Internal Revenue Service about something you believe is an agency error is intimidating to most people. However, you are allowed to start a dialogue with the IRS if you feel that its findings are incorrect. The tax code is massive and often difficult to decipher, and everyone […]
Tax Benefits of Health Savings Accounts
While most people are familiar with tax benefits for other types of investments, often times, they are less familiar when it comes to the tax benefits of health savings accounts. There are three such benefits that you should know about and utilize. Perhaps the largest tax benefit is that the money that goes into the […]
Electric Car Tax Credits
Besides being healthier for the environment, purchasing an electric car can be healthy for your tax return. However, there are a few requirements that go hand-in-hand with the purchase of an electric car that one needs to understand to reap the full benefit from the tax credit. Put simply, the current tax credit for purchasing […]