Stock Trades and how they Effect Your Taxes

By Tax Strategy, TaxesNo 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 IRSNo 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, TaxesNo 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, TaxesNo 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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