by Steven J Weil, PhD, EA, LCAM | Aug 3, 2023 | Blog, Business Tax
Employing People with Disabilities Employing people with disabilities can result in tax benefits for small business. If your business spends money to accommodate an employee(s) with disabilities it may qualify your business for special tax credits and deductions. Tax...
by Steven J Weil, PhD, EA, LCAM | Aug 1, 2023 | Blog, Business Tax, Personal Tax
Unannounced IRS Visits If someone knocks at your door claiming to be the IRS don’t believe them. The IRS has ended unannounced visits of revenue agents and other personnel to taxpayers’ homes and places of business. If you think this is to protect taxpayers, you...
by Steven J Weil, PhD, EA, LCAM | Jul 26, 2023 | Blog, Business Tax
When things go bad on a startup investment in a C Corporation. Section 1244 of the Internal Revenue code allows you to treat certain losses as ordinary on up to $50,000 ($100,000 married filing jointly) in a year instead of a capital loss, which is limited to $3,000...
by Steven J Weil, PhD, EA, LCAM | Jun 10, 2023 | Blog, Business Tax, Personal Tax
Lowering your taxes is a lot like eating an elephant, it’s done in lots of small bites. What you can do depends on how much income you have and the sources of that income. If you are an employee on a W2 and your employer offers a retirement plan like a 401K or a...
by Steven J Weil, PhD, EA, LCAM | Jun 8, 2023 | Blog, Business Tax
These new reporting requirements are for business entities including Corporations, Limited Liability Companies, Limited Liability Partnerships. These entities will now have to file a report listing their Beneficial Owners and Applicants to FinCEN (Financial Crimes...
by Steven J Weil, PhD, EA, LCAM | Jun 2, 2023 | Blog, Business Tax, Personal Tax
In most cases the IRS has 3 years from the last day of the date your return was filed OR your return was due. However, this time limit, also known as the statute of limitations, can be extended under certain circumstances. The statute of limitations can be extended...
