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Make the Right Choice in Deducting Car Expenses
by flowersrieger / February 24th, 2014

If you use your car for business, you may deduct related expenses using one of the two methods allowed by the IRS.  You can choose between using the standard mileage method and the actual expense method. Standard mileage.  With the standard mileage method, you simply multiply your business miles driven during the year by the IRS’s standard […]

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Warning: Fake Emails From the IRS Scam Unsuspecting People
by flowersrieger / February 5th, 2014

Schemers who concoct email scams have realized that they can devise plans to deceptively exploit the public perception of the Internal Revenue Service. Originators of the scam seek to gain leverage due to the willingness of email recipients to comply with what initially appears to be correspondence from the IRS. The purpose of the fake […]

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IRS2GO Keeps You Tax-Informed
by flowersrieger / January 17th, 2014

Taxpayers who want to stay current with the status of their returns and refunds, and receive informative updates directly from the IRS, now can turn to the IRS2Go smartphone app. This handy tax app is available for download in English or Spanish with a recently updated version from the Apple App Store. IRS2Go allows users […]

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Business Equipment: Should You lease or Buy?
by flowersrieger / January 5th, 2014

It is not easy to decide whether it is wiser to buy or lease a piece of business equipment.  For most business owners, the first impulse is to buy.  With advantageous depreciation rules, buying is an attractive option.  Lower interest rates make buying equipment over time an affordable option but there may be times when […]

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Is Your Employee a Worker or an Independent Contractor?
by flowersrieger / December 26th, 2013

There is an ongoing debate that is almost as old as the tax code itself.  If you have people working for your business, should you classify them as employees or as independent contractors? Classifying your workers as independent contractors generally saves you money.  That is because you avoid paying employment taxes and benefits on their […]

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Minimizing Estate Taxes and Other Related Problems for Your Family
by flowersrieger / December 10th, 2013

Eventually, someday, your family will receive your remaining assets from your estate. The transfer may be well planned for and tax-efficient or it may be unplanned, expensive and risky. That choice is up to you and relates to the decisions, if any, you make with your estate plan.  Without a written plan, you may give […]

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Charitable Tax Break Changes May Be Coming
by flowersrieger / November 20th, 2013

Congress is considering changes to the charitable contributions tax deductions for 2012.  Possible changes could include imposing a dollar cap on all itemized deductions, limiting the tax rate and replacing the deduction with a credit. “We want to ensure that whichever policies we ultimately decide to pursue are crafted in a way that makes the […]

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10 Facts About Capital Gains and Losses
by flowersrieger / November 20th, 2013

This article is a reprint from the IRS Tax Tips bulletin. The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: […]

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Beware Bogus IRS Emails
by flowersrieger / November 20th, 2013

The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In reality, it’s a scam known as “phishing,” attempting to trick you into revealing your personal […]

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Required IRS Reporting for your 2012 Tax Return
by flowersrieger / November 20th, 2013

As part of our commitment to pro-active client service to our valued clients, we are advising  you  of additional I.R.S. reporting requirements related to foreign assets that you may own. If you had a financial interest in or signature authority over a foreign financial account such as a bank account, investment/securities account or a retirement […]

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