American Opportunity Tax Credit (AOTC)

The AOTC is a tax credit with a non-refundable and refund­able component to help make college more affordable for eligible students. A non-refundable portion is allowed to the extent it does not exceed the taxpayer’s income tax liability. The refundable portion allows...

Deducting Auto Expenses

If you use your automobile for business, you may be entitled to tax deductions. Unless your car is used exclusively for business, you cannot claim a 100% business deduction. Deducting auto expenses requires diligent recordkeeping. There are two methods available for...

IRS to Use Private Debt Collectors

Last month, the IRS started turning over to private collection agencies (PCA) the accounts of individual taxpayers who have inactive tax receivables. The IRS will be using these four collection agencies: ConServe Pioneer Performant CBE Group If your debt has been...

The Facts about Amortization and Depreciation

  Amortization measures the consumption of the value of an intangible asset, such as a copyright, patent or trademark. In accounting parlance, amortization refers to the deduction of capital expenses over the life of an intangible asset. Intangible assets are...

Heath Care Tax Credit

If you own a small business or run a tax-exempt organization with fewer than 25 full-time employees, the Small Business Health Care Tax Credit can help you provide insurance to your employees. If you paid for at least half of employee health insurance premiums, you...

Protecting Your Business From Scams

Fraudulent activity is on the rise Approximately 1 in 18 Americans have their identities stolen each year. Among the many identity theft scams is an emerging hoax in which cybercriminals obtain remote control of computer systems to hack into sensitive employee...

Paying Your Taxes in Cash

Paying Your Taxes in Cash IRS offers new cash payment plan The IRS announced a new payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now...

Earned Income Tax Credit Updates

  Earned Income Tax Credit and AGI Limits Earned income and adjusted gross income (AGI) must each be less than: If filing… Qualifying Children Claimed Zero One Two Three or more Single, Head of Household or Widowed $14,880 $39,296 $44,648 $47,955 Married...

Revenue and Receivables

In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. One of the more complicated accounting items is the accounts receivable and the understanding of revenue and receivables. As...

How to identify Assets, Liabilities

Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal lives, business is run on credit as well. Many businesses sell their products to their customers on credit. Accountants use an asset...

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