Money Saving Ideas for the Holidays

By | Accounting | No Comments

By Chris Miles (guest blogger)  Are you feeling a little stressed with the holiday season coming up and wondering how you will afford a nice Christmas without running up credit cards? Would you like to have some extra cash to take that nice getaway with your family? To help you have more money this holiday season, here are some easy money saving tips that have…

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Reverse Mortgage…What is that?

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A reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally “defer payment of the loan until they die, sell, or move out of the home.”  Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company There are people who are for…

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Small Business Owners Should be confused about medical benefits to Employees

By | Business, Tax Strategy, Taxes | No Comments

Weren’t the pre ObamaCare days wonderful?  No one argues that the insurance system was broken (it still is by the way).  But at least the rules of providing insurance to employees and what was deductible and not deductible were clear. In the past, as a business owner you could utilize a section 105 medical reimbursement plan to make your medical expenditures a tax write off. …

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Disabled Access Credit – maybe you qualify

By | Business, IRS, Payroll, Tax Strategy, Taxes | No Comments

We had a client buy a piece of equipment for his business.  This piece of equipment happens to be handicap accessible.  So we looked into it and there happens to be a tax incentive in doing this. IRS code sections 44 and 190 explain how a business owner can get a tax credit and/or tax deduction if they improve accessibility to their facility.  So let…

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Captive Insurance – does it fit in your strategy?

By | Business, Tax Strategy, Taxes | No Comments

By Guest Blogger Bo Brower What is a captive insurance company and how can a small business take advantage of a captive? A captive is an insurance company established to insure the specialized risks of an affiliated business entity.  It issues policies, collects premiums and pays claims. A captive can be owned by one or more business owners and can be a financially efficient tool…

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Basic Info About Entity Types – Business Structures

By | Accounting, Business, IRS, Tax Strategy | No Comments

At Incite Tax, we do our best to not use acronyms or industry jargon that others won’t understand.  After all, we are tax geeky and we spend all day doing this stuff.  Our clients spend all day running their business. When it comes to the type of business structure you should have, also known as entity type, there are some terms you need to know…

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Stock Trades and how they Effect Your Taxes

By | Tax Strategy, Taxes | No Comments

by Dustin Griffiths and John Briggs Stock Trades and the IRS At a quick glance, buying and selling stocks is pretty straight forward. If you dabble in options, it can be a little more complicated but still fairly straight forward. When it comes to tax implications however, it can be fairly complicated with the IRS. We will address three issues. Are reporting on the correct…

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IRS Loses Billions – really? Crappy Data leads to these ridiculous claims.

By | IRS | No Comments

Accounting Today posted an article by Michael Cohn early July 2014.  The article summarizes a report from the Treasury Inspector General for Tax Administration(TIGTA).  (A position created in 1998 to provide independent oversight of IRS activities.)  http://www.accountingtoday.com/news/irs_watch/irs-loses-billions-on-erroneous-amended-tax-returns-71263-1.html I have four major issues with this report. First – The title itself is a sign of everyone’s misunderstanding of the IRS.  The IRS collects money for the…

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3 Reasons to Consider an S Corporation

By | Accounting, Business, Tax Strategy, Taxes | No Comments

The tax code is very complicated with thousands of rules and exceptions.  Because of that, there is no such thing as a one size fits all solution.  That being said, if you are a small business owner or an independent contractor (meaning you get a 1099-MISC) you should look into the benefits of an S Corporation. Benefit One: Payroll Tax Savings Ordinary income (that’s the…

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Don’t Believe the IRS

By | IRS, Taxes | No Comments

You don’t have to believe the IRS The IRS mails millions of letters out to taxpayers every year.  We kindly refer to these as nastygrams.  There are around 76 different types of letters you could get.  http://www.irs.gov/Individuals/Understanding-Your-IRS-Notice-or-Letter. Each has a notice number that only the IRS seems to know about.  They tend to treat you like an idiot if you don’t know what notice number…

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