Five reasons to incorporate your business

  Most new businesses start with no thought about legal structure. In the eyes of the IRS, the default structure is a “sole proprietor,” in which your business profits are taxed on your personal tax return. This can serve you well to start, but there are several reasons you may want to consider incorporating as your business grows. 1) To …

Filed your 2016 tax return, but you probably still have questions.

Here are a few of the most common post-filing questions the IRS answers. Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common. You can go online to check on your refund if it has been 24 hours since the IRS would have received …

Tax records – What you should keep

It’s that time of year when you are getting ready to sort out last year’s financial records and prepare for this year’s record-keeping. Keep records that directly support income or expense items on your tax return. For income, this includes W-2s, 1099s, and Form K-1s. Keep records of any other income you have received from other sources. It’s also a …

You don’t have to itemize to claim these deductions on your 2016 return

Can’t itemize? You can still claim some expenses on your 2016 federal income tax return. Here’s how you can benefit. Deduct up to $2,500 of interest on student loans for yourself, your spouse, and your dependents on your 2016 return. For 2016 returns, you can also deduct up to $4,000 of tuition and fees for qualified higher education courses. Income …