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How to Deduct Meals and Entertainment on Your Taxes

meals and entertainment tax deductionMost of us regularly look for tax advantages that allow us to reduce our liability. When you’re self-employed, this can be an especially important move to make. There are a number of tax deductions you can take when you conduct business, but two that you might overlook are meals and entertainment.

Here’s what you need to know about deducting meals and entertainment on your taxes:

Conduct Business

Before you get too excited about deducting the cost of your meals and entertainment, it’s important to make sure that you are truly conducting business. In […]

Criminal Inquiry Related to the Panama Papers

panama papers and tax evasionIn recent weeks, one of the biggest tax-related issues in the news has been the Panama Papers. This story revolves around the leak of offshore companies that were serviced by a Panamanian firm specializing in helping individuals and others set up tax havens.

So far, most of those implicated in the release of the papers have not been from the United States, although there have been officials from many other countries identified by these papers. (In Iceland, outrage over Prime Minister Sigmundur Gunnlaugsson’s undeclared offshore company resulted in his […]

April 25th, 2016|Blog Post Categories, Tax News|0 Comments

Don’t Forget State and Quarterly Taxes

estimated-taxes-dueNow that tax season is winding down, you might think you’re in the clear. After all, you’ve filed your tax return and paid your federal taxes. However, you might not be done pay yet. If you are a business owner, you might still need to pay state taxes and make a quarterly tax payment.

Paying Your State Taxes

Every state is different. I’ve lived in states that don’t collect taxes until tax day, and others that require you to make quarterly tax payments along the way. Make sure you understand the requirements in your state so […]

April 19th, 2016|Blog Post Categories, Tax Filings|0 Comments

US Treasury Continues Fight Against Tax Dodges Through Inversions

us-tax-inversionsIn recent years, a process known as “inversion” has received increased scrutiny by the public and by the government. It’s a way for businesses to avoid certain taxes by claiming to be a foreign company. These tax dodges are costing the United States millions a year in revenue, and the Treasury Department has been taking steps to make the less effective.

Some of the rules implemented in the past make the process harder, and, according to The New York Times, the US Treasury has just added some more restrictive rules that should slow down the […]

April 19th, 2016|Tax News|0 Comments

3 Strategies for Using Credit Cards to Pay Your Taxes

pay-taxes-with-credit-cardA few of us enjoy paying taxes. However, for some of us this is a fact of life. One way that you can get a little more out of your taxes is to use a credit card when you pay. As long as you plan ahead, and have a strategy for paying off your credit card before you are charged interest, it can be a good thing to pay taxes with a credit card.

Here are three strategies for using credit cards to pay your taxes:

1. Reap the Rewards

If you have a favorite rewards card, […]

March 30th, 2016|Blog Post Categories, Tax Filings|0 Comments