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Emerging Entrepreneurs and the Expertise Factor

Bet you aren’t surprised to read that many startup businesses and emerging entrepreneurs spend more money than they make the first few years they are in business. Or that they worry about the IRS auditing them for deducting all those expenses as a business loss on tax returns. Most small business owners don’t understand what […]

Emerging Entrepreneurs and Business Deductions

One of the questions I am frequently asked by startup and emerging business owners is whether business expenses can be deducted on a tax return even if there is little or no income for the year. The answer is maybe, you may be able to deduct all or none of your expenses. It depends upon […]

Beating Penalties for Misclassifying W-2 Workers as 1099 Contractors

One potential business tax reduction strategy is to hire independent contractors instead of employees. If a worker’s classification fits within the tax law, it’s a legitimate strategy that can save you thousands of dollars. But sometimes the classification isn’t clear-cut. You may think you have the independent contractor classification correct, but when the IRS does […]

Victim of Tax Identity Theft?

Get a Copy of the Fraudulent Tax Return Victims of tax identity theft are the unfortunate folks whose Social Security number or Individual Taxpayer Identification number was used by a crook to file a fraudulent tax return. The crook’s end game–to steal illegal tax refunds from the IRS and leave the victim on the hook […]

Nonresident, Part-Year Resident or Full-Year Resident Taxpayer?

Noncitizens who are filing their first U.S. tax return have a confusing set of tax laws to try to understand. Many listen to friends who have talked to someone else or who have worked with someone else and nobody may truly understand what they are doing.  If this is your first tax return please do […]

Talkin’ Taxes

Quick reads on tax laws changes to in-depth articles on specific income tax issues. Judy is Talkin’ Taxes! Please let us know if you have any questions, comments or special requests for discussion. Thanks for reading.