Earlier this week, we began a discussion about federal taxes that affect businesses and business owners. If you are an entrepreneur who is just starting out, you may not yet be familiar with the various tax requirements associated with your specific business...
Bay Area Estate And Tax Planning Law Firm
Month: January 2016
The basics of federal business taxes: Part I
If you started your business within the last year, you may feel a little lost heading into tax season. The ways in which businesses are taxed at the state and federal level can be confusing, in part, because various kinds of businesses are all taxed differently.Over...
Is it a business or a hobby? How can you tell?
The internet has had a profound effect on the average person's ability to pursue hobbies, to buy hard-to-find products and to sell their own products. Websites like Etsy have even turned arts and crafts hobbies into successful money-making operations for some...
What’s the best way to get Americans to be honest on their taxes?
Imagine walking down the street, minding your own business, when you suddenly see a "wanted" poster with your face on it. Why are you wanted? What crime have you supposedly committed? Perhaps you had some tax trouble with the Internal Revenue Service, but that...
IRS simplifies deductions on business-related equipment purchases
Owning a small business is no easy endeavor. In addition to the long hours and worries about making ends meet, business owners often find themselves attending to complex matters that are far outside of their comfort zone.A good example is tax obligations. If you are a...
Why you should disclose your offshore assets voluntarily
Many people with offshore assets are tempted to not disclose the assets to the IRS for the chance that the IRS will not discover the assets, resulting in tax breaks. However, this is often a mistake as the IRS comes down hard on people who do this and get caught. In...
What kinds of taxes would apply to the current Powerball jackpot?
Are you feeling lucky? The Powerball jackpot keeps growing and has reached a massive $1.4 billion. But before you starting making plans to spend and give that much money away, remember that the tax bill would take a chunk of your winnings.But how are lottery winnings...
Scammers claiming to be the IRS may have an easier time this year
With the start of tax season now just a couple weeks away, it is a good time to discuss an issue that anyone could find themselves facing: scams. Con artists and thieves continue to make a fortune each year by posing as IRS representatives on phone calls. They claim...