Year End Tax Steps!
December 28, 2018 Year End Tax Steps! Take an inventory of your product. If there is product which is expired, damaged or no longer sell-able for whatever reason, take it out of your inventory and mark your total cost as “spoiled”. This is a deductible expense. If you have the ability to sell your excess inventory […]
Rule Applied to ESAs
One per year rollover rule also applies to ESA’s! Source: www.irs.gov & Tax Tips Americas Tax Solutions Photo credit Wikimedia Commons
New Law to Affect Refunds in 2017
The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication […]
RMD Basics
If you own or are the beneficiary of an IRA, 401(K) or other retirement plan, review this to avoid an RMD ( required minimum distribution) error. Failure to take at least the RMD amount each year results in a 50% penalty by the IRS ! Photo : https://www.flickr.com/photos/stevendepolo/5437288053 Source: www.irs.gov
Top Ten Accounting Mistakes
10 Most Often Overlooked Real Estate Tax Deductions
