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The number cruncher’s blog

Tax identity thieves target businesses as well as individuals at alarming rate

Individuals can’t afford to ignore the threat of tax identity theft, but the IRS has taken some measures to combat the epidemic that has implications for employers, too. Businesses also need to be aware of the risk of tax identity theft they face. Criminals aren’t just pursuing Social Security numbers (SSNs) — they’re also going after employer ID numbers (EINs) assigned by the IRS.  

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Judy Kaltenbacher, CPA, Tax Partner July 25, 2016

Know the rules for claiming deductions for business meals and entertainment

If your business claims deductions for meal, entertainment, vehicle or travel expenses, be aware that the IRS may closely review them. Too often, taxpayers don’t have the necessary documentation to meet the strict requirements set forth under tax law and by the IRS.

Be able to withstand a challenge

Whether you file a business return or file Schedule C with your personal return, these deductions can be a hot button for the IRS. Here are some DOs and DON’Ts…

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Blog Administrator July 22, 2016

10 Strategies to Avoid or Reduce Net Investment Income Tax

If you’ve been bitten by the net investment income tax (NIIT) in the past three years, you may be ready now to get more serious about exploring strategies to avoid or reduce your exposure to this complicated 3.8% Medicare surtax on investment income. This post includes ten strategies to minimize the bite of this surtax in 2016 and succeeding years.

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Blog Administrator July 15, 2016

Summer activities could save you on your taxes

Summertime means cleaning out those often neglected spaces such as the garage, basement, and attic for many of us. Whether clothing, furniture, bikes, or gardening tools, you can write off the cost of items in good condition donated to a qualified charity. The deduction is based on the property’s fair market value. Guides to help you determine this amount are available from many nonprofit charitable organizations.

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Blog Administrator June 23, 2016

Summer jobs – What you and your kids need to know

It’s summertime! And although that means vacations and tans for many of us, it may also mean for students that it’s time to get a summer job. Whether your student finds work mowing lawns, babysitting or working in a restaurant, there are some things they should be aware of. If it’s their first job, it gives them a chance to learn about the working world – and that includes taxes!

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Blog Administrator June 23, 2016

Sending the kids to childcare or day camp this summer?

See if you qualify for the Child and Dependent Care Credit

If you haven’t already, you may be planning to enroll your kids in daycare or a camp this summer to keep them well cared for while having fun and staving off boredom. While many parents use child care year-round, summertime can offer unique opportunities and challenges.

The costs can certainly add up, but you may qualify for a federal tax credit that can lower your taxes. The IRS has put together some facts you should know about the Child and Dependent Care Credit.

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Blog Administrator June 21, 2016