Category Archives: Tax Advice

What is the difference? Is tax fraud a crime? Can you go to prison? Fraud is obtaining something of value from another by deception. Tax fraud occurs when a taxpayer commits or avoids certain acts with the intent of evading taxes owed. For tax fraud to occur, both intent and a tax due and owing are […]

Deducting Bad Debt Can you deduct a bad debt? Yes, if it is a business bad debt and a non-business bad debt under certain conditions. A business bad debt occurs when the debt was created or acquired in a trade or business closely related to your pre-existing trade or business and it becomes partially or totally worthless.

Under the new IRS rules for deducting mileage, you can deduct: 58 cents per mile driven for business purposes 20 cents per mile driven for medical or moving purposes 14 cents per mile driven for charity purposes

You must file IRS Form 730 and pay taxes on wagers if you:• Are in the business of accepting wagers (this form is NOT for individuals placing wagers, it is for entities accepting wagers).• Conduct a wagering pool or lottery.• Are required to be registered and you received wagers for or on behalf of another person but didn’t report that person’s name […]

Taxation can be expensive. Double taxation can be brutal. Be sure to claim your tax credit when filing an international tax return!

As tax season ramps up, “ghost preparers” are busy scamming taxpayers. Ghost preparers are unethical tax return preparers that prey on people not through intimidation, but through trust. Federal law states anyone…