Money Matters

Accounting, taxes, and more. Your financial questions answered.

When is Mileage Deductible?

Mileage is a popular business deduction, but is your mileage actually deductible? There is a great deal of misunderstanding about mileage deductions, and in recent years the IRS has become increasingly picky about evidence. Your daily commute to your permanent work location is not deductible, even if your workplace is far away or you are hauling to...
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Your Guide to Taxpayer Identity Theft

Every year, an overwhelming number of taxpayers become victims of tax identity theft. Tax-related identity theft is when someone uses your Social Security number to file a fraudulent tax return and claim a cash refund. You may not know that you are a victim until you e-file your return and discover that a return has already been filed using your pe...
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1099 Rules for Landlords

What are 1099s? As a landlord, do you need to issue any? Are you confused about current tax rules for landlords? As we head into another tax season, these are all important questions to address. 1099s are information documents, similar to W-2s, and are used to report payments of $600 or more to the IRS. Landlords must send 1099s to all vendors who ...
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New 1099 Filing Deadline for 2017

In case you missed it, the IRS has moved up the filing date for 1099s that report non-employee compensation in Box 7, such as payments to independent contractors. The reporting date to the IRS is now January 31, the same date that 1099s must be issued to all recipients. This deadline applies whether the forms are filed electronically, or on paper. ...
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Enrolled Agents: America’s Tax Experts

When it comes to taxes, enrolled agents are the experts. Enrolled agents are the only federally licensed tax practitioners who specialize in taxation and also have unlimited rights to represent taxpayers before the IRS. The enrolled agent profession dates back to 1884 when, after receiving questionable claims for Civil War losses, Congress enacted regulations for people who represented citizens before the US Treasury Department.

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2016 IRS Mileage Rates Down from 2015

New mileage rates went into effect Jan. 1 and they are lower than the 2015 rates. The Internal Revenue Service's "optional standard mileage rates"are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The 2016 standard mileage rates for the use of a car, van, pickup or panel trucks are:

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Five Ways to Catch an IRS Phone Scam

Are you receiving suspicious phone calls? People claiming they are they are the IRS and demanding money? 

The IRS has listed phone scams as one of the most prevalent tax scams underway today. Taxpayers are receiving aggressive and threatening phone calls by criminals impersonating IRS agents. The callers may demand money or even promise a refund to trick you into sharing private and personal information. During filing season, there is an uptick of complaints reporting phone scammers who are threatening arrest, deportation, license revocation, and other things. 

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Tips for Filing an Amended Return

It's a scenario that keeps people up at night: you've discovered that you made a mistake on your taxes. Will the IRS come knocking on your door? Will federal agents sweep into your home and arrest you in the middle of the night?

Fortunately, neither of those scenarios is likely. Every year, thousands of taxpayers make honest mistakes on their forms and file Amended Returns using Form 1040X. Amended returns aren't just limited to mistakes that will cost you money. Often a correction involves claiming deductions that you missed, or additional tax credits, which can mean a larger refund for you.

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Top 10 Things to Know About Identity Theft

According to the Federal Trade Commision, there are over 9 million victims of Identity Theft in the US every year. It becomes a stressful challenge for businesses, organizations and government agencies, including the IRS.

In most cases of Identity theft, you may not be aware that someone has stolen your identity. Identity theft happens when someone uses your stolen Social Security Number to file a tax return claiming a fraudulent refund. Luckily, the IRS is the first to detect the the fraud after you try to file your taxes.

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