AFS Blog
Filing an extension for your taxes
Many are concerned that filing an extension can cause a red flag or increase chances of an audit. That is simply not true. Extensions are used all of the time by families, individuals and businesses. If the gathering of your paperwork is rushed or if you really... read moreTAX IMPLICATIONS OF BITCOIN EXCHANGE TRANSACTIONS
Virtual currencies (synonymous with the term Bitcoin) can be used to make electronic purchases of physical items or digitally traded or exchanged into dollars, Euros, and other real or virtual currencies. Peer-to-peer and retail transactions occur electronically... read moreJust Great! IRS says that you can’t rely on IRS instructions
So, you would think that if the IRS provided instructions, you could rely on them when filling out your tax return. I think that is only common sense. However, that is not the case. In what to me seems to be a classic case of lack of accountability, the only... read moreIRS Can Use Credit Card Data From 1099-K’s to do more Tax Audits
The IRS is likely to be auditing more tax returns when a discrepancy is seen between payments reported on Form 1099-K and the income reported on tax returns. If you are in business, and you take credit cards for payment, you are likely receiving a 1099-K at the end of... read moreIRS 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 moreLet's Talk
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