Simplified Home Office Deduction

For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]

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IRS Phone Scams Warning

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

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Health Insurance Marketplace – Dangers

If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough.  However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change.  […]

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Tax Tips – Deducting Moving Expenses

Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]

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TAX TIPS – Miscellaneous Deductions Can Cut Taxes

Miscellaneous Deductions Can Cut Taxes   You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions […]

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Employee or Subcontractor & Obamacare

Firms with 100 or more full-time employees in 2015 must offer a reasonable level of affordable insurance to their full-time employees or large penalties will be due.  Business with 50 to 99 full-time employees have until 2016 to comply with the pay-or-pay rules.  Reclassified workers can put a small firm over the limit of allowable […]

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Understanding Your Value In Business

I had a great discussion with a client yesterday.  It revolved around her new business venture and how her clients were perceiving her rates and fees.  It reminded me  of a conversation I had with my father (the founder of our company – who worked in sales for 30 years before he started BMC) many […]

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Be Careful with Subcontractors

IRS has again made a point to audit businesses who pay employees as subcontractors.  There are a number of tests that must be met to clearly define a person performing services for you as an independent contractor.  Three simple tests to consider:  1. Did the person invoice me for their time? 2. Do they perform […]

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How can my payroll taxes not be paid? – I hired a payroll company

Many local businesses are finding that their payroll company has not been paying their federal and state payroll taxes.  How can this happen?  Most companies in the payroll processing industry follow a practice called impounding.  As payroll taxes are accrued with each pay, the payroll company transfers the cash from the clients account into their account […]

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Another tax deduction you may be missing

Home Office deductions have long been scorned as “too risky” or “not worth the effort”.  The bottom line is that if you meet the requirements for a home office deduction there is no greater risk of audit than any other deduction, and IRS has made taking the deduction even simpler.  For tax year 2013 IRS […]

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