If youve done much web research about setting up a limited liability company, or llc, youve seen the advertisements that tout Nevada. The pitch is pretty simple. Because Nevada doesnt levy an income tax on individuals or corporations, you should form your llc in Nevada. The implied promise is that youll save big on state […]

Accelerated depreciation in the fourth quarter of 2004 can provide significant tax shelter to many parts production job shops or tool and die shops, according to capitol equipment financing specialists at Makino, a global provider of advanced machining technology. Operations that invest in new equipment technology and receive delivery before December 31, 2004, may see […]

Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them. Save Me From This Misery! When it comes time to file taxes, you can look to software or a real live person. In this article, we are going to focus on living people, to wit, […]

Many people know that the interest paid on a mortgage is deductible on their income taxes. But they don’t understand how it really works.

Congress has passed legislation that is supposed to result in a more “sensitive” Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine. Hmmm . . . . What do you think, A few months ago, one of my clients (let’s call him Mr. Jones) got one of those IRS “love letters” requesting […]

Have you been thinking about incorporating your small business or self-employment activity, The advantages are many! For starters, you’ll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as “Asset Protection” — you are moving from the world of unlimited […]

Tired of dealing with those complex depreciation rules, Thanks to recent tax law changes, here’s how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler. What am I talking about, It’s […]

So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, “Where is my refund,” Check Your Refund Status Online The easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of […]

We all love to criticize the IRS, don’t we, It’s easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1. Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their […]

“In America there are two tax systems, one for the informed and one for the uninformed. Both systems are legal.” One of America’s most famous jurists, Justice Learned Hand made this statement over forty years ago. When used today, one would certainly have to include the little understood world of Individual Retirement Accounts (IRAs). The […]