Month: March 2013

‘C’ Corporations

In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation’s capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A …

‘C’ CorporationsRead More »

Find out if you qualify for Earned Income Tax Credit EITC / EIC

EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of …

Find out if you qualify for Earned Income Tax Credit EITC / EICRead More »

LLC- How Many Properties Can OR Should I put in my LLC??

Difficult question because it depends a great deal on your individual risk tolerance.  However, let me make a couple of points from an accountant’s perspective that may be helpful in assessing your situation and the best course of action to take.  When it comes to business incorporation we should always get the expert’s advice. For …

LLC- How Many Properties Can OR Should I put in my LLC??Read More »

IDENTITY THEFT ISSUES

The IRS, in conjunction with the Justice Department and other Federal, state, and local agencies, has intensified their efforts at preventing, detecting, and resolving identity theft and refund fraud. The identity theft and refund fraud effort has involved 734 enforcement actions involving 389 individuals. The effort included 109 arrests, 189 indictments and complaints, and 47 …

IDENTITY THEFT ISSUESRead More »

What to Expect for Federal Refunds for the 2013 Filing Season

It is important to set your  expectations for when the IRS will be sending refunds during the upcoming 2013 Filing Season and beyond. Due to the increase in fraud and identity theft, the IRS is increasing their fraud filters during the processing of all individual returns. This means that a larger number of returns will …

What to Expect for Federal Refunds for the 2013 Filing SeasonRead More »