AFS Blog
IRS will enforce health coverage reporting on 2017 returns
In previous seasons, processing of tax returns without the health care coverage box checked slowed down processing of returns but it didn’t halt processing. In many situations, the taxpayer received a letter asking for payment of the health care penalty or... read moreREALTORS SHOULD INCORPORATE as well as many other businesses
Just read a great article from RE/MAX on why realtors should incorporate. But it is not just realtors that should heed this advice. We have been providing this advice to our small business clients for many years. Incorporation with an S Corp status election gives... read moreS-Corp Deduction for Home Office
Taking a deduction for home office expenses is trickier for an S Corp business but it it still a legitimate deduction if done properly. It is important that you carefully structure the relationship between yourself and the S corporation. Done properly, the deduction... read moreFake Charity Scams Related to Hurricane Harvey
It is no surprise that criminals are taking advantage of Hurricane Harvey and those generous people that are trying to to help the victims. These scammers often impersonate charities to collect cash directly or use the fraudulent identities to collect personal... read moreTax Deductions for Volunteer Expenses
Volunteering at local charities, such as your PTA, may give you some valuable tax breaks, such as deductions for mileage, travel expenses and out-of-pocket expenses. There are rules of course, that you must adhere to. The IRS allows you to deduct expenses associated... read moreBusiness Owners – Record Year End Mileage
It’s not too late to record your year end mileage to get that tax deduction for 2016 and start your mileage record for 2017. Either estimate the Dec 31 mileage or use today’s mileage as your 2016 and and 2017 beginning. What is important is you write it... read moreTax “Saving” Arguments that Never Work
The IRS was nice enough to compile a list of arguments that will never work. They are considered “frivolous”. The courts tend to agree and both tend to look at these strategies as willful attempts to evade or defeat taxes, often leading to increased... read moreHow to Lose 2 Valuable Deductions in One Step
2 of the most valuable deductions for home businesses are the mileage deduction and the home office expense deduction. Both of these can be lost by not understanding one simple rule, and that is your home office must be used exclusively for your business. That means... read moreAre Gifts of Cash to your Kids Taxable?
This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example. Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one... read moreDevastating Health Care Penalty for Small Businesses Abolished
Congress eliminated an IRS penalty on small businesses that was devastating to those that incurred it. On their own volition, the IRS decreed that any small business that reimbursed their employees for health care premiums could face a $100 per day per employee, up... read moreLet's Talk
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