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What triggers an IRS tax audit? While the IRS isn’t about to publish a list, there are a number of items that are known to raise the IRS’s interest in a return. What are your chances of being audited? For individuals, it depends on your income. In fiscal year 2013,...

There are still other ways to earn income that is free from federal income tax. With the various tax increases that have taken effect in recent years, tax-free income opportunities are more valuable than ever. Here are 10 other sources of non-taxable income. 1. Gifts and...

If you own a profitable, unincorporated business with your spouse, you’re probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active is typically treated as a partnership that’s owned 50/50 by the spouses — or...

Bonuses: They’re not just for senior executives anymore. Many companies now offer performance-based incentives to rank-and-file personnel, too. But serious problems can occur when these incentives are too strong, poorly designed or insufficiently monitored. For example, in...

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic...

A commercial real estate lease, like any other contract, can be negotiated. The idea is to avoid ever using a form document and, instead, come up with a custom lease that provides your business with maximum legal, economic and tax advantages. Before signing a lease, your business...

According to the ePolicy Institute, 90% of business documents produced and acquired by companies are electronic. “Many employers find themselves drowning in email-related risks as they struggle to manage the use — and curtail the abuse — of what was originally conceived as...

On the second  Sunday of March at 2 a.m., Daylight Saving Time begins for most of the United States — so this year, we’ll turn the clocks forward one hour on March 12.2017. Spring forward, Fall back

Simplified Employee Pensions (SEPs) are stripped-down retirement plans intended for self-employed individuals and small businesses. If you don’t already have a tax-favored retirement plan set up for your business, consider establishing a SEP — plus, if you act quickly...

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why?...