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2013

finally got an office in the home, instead of being in the living room. Call or email me!

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THURSDAY TAX TIDBITS

How to: Notice red flags and avoid scams! Summertime tends to be a period when thieves increase their scam attempts. They try to obtain peoples’ Social Security numbers, account information and passwords. To avoid these scams, remember these signs! The IRS and authorized private collection agencies will never: Call to demand immediate payment using a specific method such as a prepaid debit card, gift card or wire transfer. Normally, the IRS mails a bill and the payments are made payable to the U.S Treasury. Never make checks to other parties Threaten to immediately bring in the local police or other law-enforcement groups to have the taxpayer arrested for not paying Demand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed Ask for credit/debit card numbers over the phone Use email, text messages, or social media to discuss personal tax issues, such as those involving bills or refunds If you believe yo...
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Public Service Announcement! The Internal Revenue Service today issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should be aware of criminals who look to take advantage of this generosity by impersonating charities to get money or private information from well-meaning taxpayers. Such fraudulent schemes may involve contact by telephone, social media, e-mail or in-person solicitations. Criminals often send emails that steer recipients to bogus websites that appear to be affiliated with legitimate charitable causes. These sites frequently mimic the sites of, or use names similar to, legitimate charities, or claim to be affiliated with legitimate charities in order to persuade people to send money or provide personal financial information that can be use...
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THURSDAY TAX TIDBITS

Tax Law Changes: Meals and Entertainment   Under the Trump Administration, the new tax Act creates stricter limits on the deductibility of business meals and entertainment expenses. As a business owner, you can still deduct your meals, but no longer entertainment. For example, if you take your team to a baseball game, you can write-off the hot dog, but not the game. Entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the benefit of the taxpayer’s employees, other than highly compensated employees”. (i.e. office holiday parties are still deductible). Business meals provided for the convenience of the employer are now only 50% deductible whereas before the Act they were fully deductible. After 2025, those meals will be nondeductible. These new rules should be kept in ...
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