The IRS said last Friday that the number of taxpayers whose tax information may have been stolen by computer hackers since 2014 is at least 724,000 — more than double the agency’s previous estimate. The number is more than double the figures the IRS released in August 2015, when it said some 334,000 taxpayers had their data stolen via authentication …
There are a number of tax breaks that are often overlooked by entrepreneurs. Among the most common missed credits: Health Insurance Deduction: The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end …
Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return: 1. Tax Law Is Confusing: Tax laws are constantly changing and this year is …
About 85% of small business owners rely on a professional like Person CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of changes to tax law in recent …
Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now is the time to move …
The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and treatment of certain real property …
In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. Further, bonus depreciation is not …
Levied in 44 states, corporate income taxes account for a relatively small share of state revenue  5.2 percent of state tax collections and just over 2 percent of all state revenue, including federal transfers. Top rates range from a low of 4.53 percent in North Dakota to a high of 12 percent in Iowa. Louisiana’s rates fall in the …
Businesses in Louisiana pay widely different effective tax rates depending on which industry they’re in and how long they’ve been operating in the state, according to a new report from the Tax Foundation in collaboration with KPMG. “Louisiana’s tax structure is characterized by high rates and partially offsetting incentives, particularly for new, but in some cases also for mature, firms,†…
Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be offset by increase in GDP …
