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Businesses Should Review Depreciation Deductions Rules

The following article was published by the IRS. Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, [...]

Sneaky Credit Card Tricks and How to Beat Them

 Credit card deals almost always sound good when you first get an offer. With names like gold and platinum attached to a card, it's easy to fall for the hype--until you realize how these cards are marketed. Having a basic understanding of the common tricks of the trade in the credit card industry can help [...]

Here’s What People Should Know about Reporting Cash Payments

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments. Who’s covered For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example: Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs [...]

Missing W-2

 This video was published by the IRS. What if you want to file your tax return, but you still don't have your W-2? Employers should send this to you by January 31. Give it a few weeks to arrive in the mail, but if you don't get it by the end of February the first [...]

Six Things Taxpayers should Know about the Sharing Economy and their Taxes

The following article was published by the IRS. From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand [...]