taxes posts, articles, and infographics

Don't Make These Tax Filing Mistakes

October 17, 2011 by Kay Bell with 51 views

Taxes are confusing, intimidating and generally infuriating. That's why we all try to be done with them as quickly as possible. [read more]

There Goes Warren Again, a Look at Warren Buffett's Taxes

October 14, 2011 by Joe Kristan with 47 views

A look at Warren Buffett's taxes. TOOO's effective rate is much higher when you consider the taxes already paid by the corporations he controls and the inherent erosion of inflation on investment income. It's also worth noting how so much of the income of high-bracket taxpayers is business income from partnerships and S corporations, not capital gains, and increasing taxes on business income is a direct hit on the ability of businesses to expand and grow. [read more]

5 Immutable Rules for Tax Happiness [Exclusive]

August 31, 2011 by Barbara Weltman with 89 views

When it comes to income taxes, no one wants to pay one penny more than necessary and, certainly, no one wants to invite the IRS to examine the return. After more than 35 years in dealing with taxes, here are my five rules to follow to make sure that taxes are minimized legally and safely so you can sleep at night. [read more]

Warren Buffet, Tax Poseur

August 17, 2011 by Joe Kristan with 65 views

There have been many good takedowns of The Sage of Omaha's recent preening for higher taxes in the New York Times. Most make the useful point that nothing is stopping him from giving more money to the government without putting it on his tax return first. [read more]

Offshore Account Holders: Should You Use the 'Amnesty'?

August 1, 2011 by Joe Kristan with 77 views

Criminal tax defense attorney Jack Townsend explains how he helps clients sort out the pros and cons of telling the IRS about your offshore account reporting shortcomings. It's a must-read if you are considering the IRS Offshore Voluntary Disclosure Initiative, which runs through August 31. [read more]

If Time is Money, Why Can't I Deduct It? [Humor]

July 27, 2011 by Joe Kristan with 73 views

An accountant tries to deduct the time he spent setting up shop online. [read more]

What States Can Do to Improve the Climate for Small Businesses

February 10, 2011 by Barbara Weltman with 317 views

State and local government arguably have a greater impact on business development and job creation than the federal government. Two states recently took diametrically opposed approaches in trying to handle deficit concerns while still inspiring businesses and job creation. It’s worth looking at these states’ actions. Wisconsin... [read more]

Taxes Go Down to the Wire

December 8, 2010 by Barbara Weltman with 478 views

With only a few weeks before the new year, Congress has yet to settle tax uncertainty that has been brewing for more than a year. What will the tax rates for owners of pass-through business entities, such as S corporations and LLCs, be in 2011? What will the estate tax rules be? Will provisions such as the research credit be effective for 2010; more than two dozen provisions expired at the end of 2009. Will there be a “patch” for the alternative minimum tax? [read more]

Reputation and skill: Proposed Changes to S-Corporation Taxation

May 26, 2010 by Joe Kristan with 614 views

It's hard to do something exceptionally stupid to a tax code already brim-full of dumb, but Sander Levin, Charlie Rangel's replacement as head of the House Ways and Means Committee, is up to the job. Exhibit A: his new proposal to apply self-employment tax to some -- but only some -- professional S corporations. Mr. Levin's proposal,... [read more]

5 Tax-Wise Ways to Cash in on Recovery

April 26, 2010 by Daniel Kehrer with 160 views

Although the much-talked about economic recovery is still largely invisible to most small business owners, now is a good time to position yourself to take advantage of special tax benefits as activity starts to improve. “Although tax rates may trend upward in the next few years, most businesses can offset a big portion of those... [read more]

Attention, not luck, will prevent an audit

March 17, 2010 by Kay Bell with 156 views

On St. Patrick's Day, we all claim a bit of the Emerald Isle. But it takes more than the legendary luck of the Irish to prevent a tax audit. True, the IRS has most recently been focusing its examinations on higher income taxpayers. And more business, both large and small, also are getting once overs, especially when... [read more]

Tax free money from your business!

March 11, 2010 by Editor Bloggertone with 320 views

This is one of the few sure fire ways to get tax-free money out of your business. Legally, I mean. Misused and misunderstood, I am setting the record straight on Director's Expenses. But first, you have to be a director of a limited company. If you are a sole trader and have no intention of becoming limited, I am sorry, no tax free dosh... [read more]

How to Find Fast Answers to Business Tax Questions

March 8, 2010 by Daniel Kehrer with 229 views

Finding the right tax forms quickly and getting business tax questions answered accurately are tricky problems for many business owners. Some of the best help actually comes from the Internal Revenue Service itself. Contrary to popular belief, the IRS, and its website in particular, is a great place to find accurate tax answers. The... [read more]

Bad tax clients, revisited

March 7, 2010 by Kay Bell with 159 views

Attention tax preparers. Does the complaint below sound familiar? Attention tax clients: Is @taxmegan talking about you? Now I'm sure -- OK, pretty sure -- that Megan is kidding about inflicting physical pain on her less-than-ideal client. But then tax hurt can come in many forms, as Megan, an Enrolled Agent, notes in a conversation... [read more]

Non-Shocking Tax Shockers

January 18, 2010 by James Maule with 171 views

The Government Accounting Office has issued a report in which, relying on data from the IRS National Research Program, it discloses that 68 percent of S corporation returns filed for 2003 and 2004, the last years for which information is available, contained errors. It also noted that, citing an earlier report, 70 percent of sole... [read more]

Can Congress Be Forced to Do What It Should Do About Taxes?

January 13, 2010 by Barbara Weltman with 165 views

The Senate is not scheduled to return from recess until January 19, at which time it and the House will likely address numerous unfinished tax measures. These include: Estate tax—at present there is none because Congress failed to take action before January 1 of this year. Whether a new law can be made retroactive to January 1 for... [read more]

Fiscal responsibility requires higher taxes

September 28, 2009 by Kay Bell with 213 views

That headline got your attention, didn't it?It's from Bruce Bartlett's latest column in Forbes. The article's subhead drives home his point: Americans can't have their cake and eat it, too.Bartlett's elaboration on the issue is sure to provoke even more of an uproar. For example:Republicans pay lip service to balancing the... [read more]

The Budget and Taxes

February 27, 2009 by Albert Wenger with 140 views

There is a lot in the FY 2010 US budget and it will take some time to digest. But one thing that is clear right away is that there is a big tax hike coming for folks at higher income levels. I for one have never been upset about paying taxes. That’s probably in part because growing up in Germany my Dad, who was a teacher and — like all... [read more]

Obama Bad for Small Business?

October 21, 2008 by Robin Carey with 159 views

The Wall St. Journal’s Opinion Forum has a misleading post about Obama’s tax plan and its affect on small business. True enough, small businesses are usually taxed (as sub-chapter “s” or partnerships) based on the income of the owners of that business, not on the income of the business per se… and Obama’s plan to raise the... [read more]

Recession-Proof Your Business and Get J.K. Lasser’s Small Business Taxes 2008 FREE

February 13, 2008 by Robin Carey with 190 views

Whether there or not we are in a recession is open to debate but it wouldn’t hurt to prepare for the worst by looking at ways to cut expenses where you can without disrupting your business. On the other hand, the combination of the recently signed Economic Stimulus Package and lowered interest rates present some intriguing advantages... [read more]