Ordinary and Necessary Business Expenses Explained

As a business owner, you need to do everything you can to maximize your profits and ensure the success of the company. In most cases, one of your biggest expenses is going to be the various taxes that your business has to pay. Finding and taking advantage of every tax deduction possible will help to reduce your overall tax burden so you can spend your money on more productive things. One of the biggest deductions for Read More

When Can the Police Search Your Property?

If the police show up at your door wanting to search your property, it will undoubtedly be a stressful event. In most cases, the police attempt to make it sound like you do not have a say in whether they come in or not, but that often is not true. In fact, while the police do have the right to enter without your permission in some cases, they will often walk right in and not ask if it is okay with you at all. Read More

5 Myths and Misconceptions About Owning Offshore Bank Accounts

When most people hear the term “offshore bank accounts,” they immediately picture a rich person conducting illegal activity. This is largely because movies and TV shows have portrayed these account as something inherently bad or underhanded, which has led to many myths and misconceptions. Let’s clear up these misconceptions so you can evaluate whether an offshore bank account makes sense for you. 1. Offshore Bank Read More

Understanding the Statutory Notice of Deficiency

Dealing with the IRS is a nerve-racking experience. Not only do they have a huge amount of power that can impact your life, but just about everything they do is confusing and overly complicated. One example of this is their “Statutory Notice of Deficiency” that they send out to taxpayer who they claim owe income taxes, interest, penalties, or other liabilities. This notice is also known as “The 90 Day Letter.” If you Read More

Is Your Business a Tax Shelter? Here’s How to Find Out

Nobody likes paying taxes, and it makes sense to do what you can to minimize your overall tax burden as long as you aren’t violating any laws. If you are a business owner or are thinking about becoming one, you will want to determine if your business is a tax shelter. A tax shelter business is any business that reports losses, which helps offset taxes. Not surprisingly, there are a lot of rules and regulations in Read More

What You Need to Know About the New Tax Brackets

When the Tax Cuts and Jobs Act passed, people from every political persuasion had something to say about it. While there has been endless debate about whether the new tax laws are a good or bad thing, the reality is that it has now gone into place. When filing your 2018 taxes this year and next year’s 2019 taxes, you need to know about the new tax brackets and how they will impact your finances. This blog post Read More

An Overview of Antitrust Crimes and Antitrust Laws in the U.S.

If you have been charged with an antitrust crime, there’s good news and bad news. The good news is that several of the existing antitrust laws specifically were created to be subject to interpretation. This allows the judge to examine all the facts of your unique case on its own, and what may have happened in one case doesn’t necessarily apply to yours (although it may be a factor). The bad news is that not all of Read More

5 Common Reasons the IRS Audits People

IRS tax audits are a major hassle. They can cost you a lot of money, take a lot of time, and cause a lot of stress. While the IRS chooses many of their audits randomly, a large number of audits are targeted based on specific factors related to people’s tax returns and other behaviors. Learning some of the different reasons that the IRS will trigger an audit will help you minimize the risk that you will be audited Read More

Understanding Plea Bargains

If you have been charged with a crime, there are many ways that you can handle the issue. While most people think about going to court, presenting their case, and hoping that the judge or jury rules in their favor, that is actually not how most cases are resolved. For many cases, including white-collar cases, the defendant will engage in a plea bargain with the prosecuting attorney. This is where you come to an Read More

IRS Identity Protection PIN Update

(Directly from the Internal Revenue Service) Just a quick note to update you on changes made by the IRS for the Identity Protection Pin (IP PIN). The IRS has expanded eligibility for its IP PIN test program to taxpayers in the top 10 locations where identity thefts are reported to the Federal Trade Commission. The locations are the original three test sites (Washington, D.C., Florida and Georgia) plus seven new Read More