business | TaxConnections

20 Oct 2017

Testimony: Businessman Abroad Affected By FATCA

To Whom It May Concern:

Thank you for the opportunity to comment to the Committee. Under normal circumstances I would introduce myself however, given present circumstances, I cannot as my status as a US Person, is being reviewed by the State Department at my request to validate my relinquishing acts in the early 1970’s.

I am a Canadian citizen, registered as a Canadian born abroad at birth, in the United States while my Canadian parents completed their post graduate education in the United States.

If you are unaware, with the exception of the United States, it is not a good thing to be considered a US Person (a newly coined status) for tax purposes, if you live outside the U.S. It is not a good thing to have any U.S. indicia at all. Who am I?

Written by John Richardson | Posted in FATCA

29 Mar 2017

IRS Mileage Rate 2016: How To Track Mileage

MileIQ, track mileage, tax professionals

The mileage rates 2016 for business drives is 54 cents per mile decreased from 57.5 cents in 2015. Let’s go over what the business mileage rate is and what it means to you.

How to Calculate Mileage for 2016 Mileage Rates

Written by Advertorial | Posted in Advertorial

14 Feb 2017

Business Entity Selection And Tax Consequences Of Converting

For this post, Brandon Rains, founder of the Rains Laws Firm and an expert on business formation, espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein.

Written by John Dundon | Posted in Tax Provision/Tax Reporting

10 Feb 2017

Focus On The Tax Climate Of Virginia

This month we travel across the country to Virginia. One of the original 13 colonies, Virginia possesses a lot of living history with the Jamestown Settlement and Colonial Williamsburg being notable historic landmarks.

The Shenandoah National Park lies in the eastern part of the state deep in the Blue Ridge Mountains. Mostly forested, the park features wetlands, waterfalls and rocky peaks, like Hawksbill, and Old Rag mountains. It is also home to many bird species, deer, squirrels and the elusive black bear.

Written by Monika Miles | Posted in State Tax

06 Feb 2017

TaxConnections Webinar With Ex-Google SEO Mogul

Join TaxConnections for Driving More Web Traffic To Your Business – SEO For Tax Professionals, a webinar focusing on increasing SEO for your tax business. TaxConnections is partnering with Practice Ignition to bring you this in-depth webinar with an ex-Google mogul specializing in SEO.

Written by Advertorial | Posted in Advertorial

01 Feb 2017

Webinar: Driving More Web Traffic – SEO For Tax Professionals

Join TaxConnections for a webinar focusing on increasing SEO for your tax business. TaxConnections is partnering with Practice Ignition to bring you this in-depth webinar with an ex-Google mogul specializing in SEO.

Written by Kat Jennings | Posted in Advertorial

27 Jan 2017

Preventing A Huge Taxation On Your Business

Today, all owners face three significant headwinds that increase the difficulty of a successful business exit. One is our flat economy—today and for the foreseeable future. The second is the substantially higher tax bill that’s due upon the sale of a business. And last, but not least, is the long-term mediocre investment climate that depresses the amount of income owners can expect from their sale proceeds and other investments. Combined, these three headwinds wreak havoc on an owner’s ability to cross the finish line at all, let alone as they originally planned.

Written by Ronald Oddo | Posted in Exit Tax

26 Jan 2017

The Economy Just Ain’t What It Used To Be

Written by Ronald Oddo | Posted in Exit Tax

20 Jan 2017

Valuation Of Your Business – Basis For Tax Planning

Few business owners relish spending money on something they don’t need. And for most owners, hiring an expert to estimate the value of their companies falls into that don’t-need category.

So it is no surprise that owners typically respond to an exit planning advisor’s recommendation to get an estimate of value for the company with some variation of: “Now? But I’m not planning to leave for years!” or “I built this company so I—better than any so-called expert—know what it is worth!”

Written by Ronald Oddo | Posted in Tax Planning

11 Jan 2017

IRS Mileage Rate 2016 for Business, Charity, Medical

The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.

Written by Advertorial | Posted in Advertorial

28 Dec 2016

Can Self-Employed Take The Standard Tax Deduction?

Taking the standard deduction is one of the simplest ways to lower your tax burden. Can the self-employed take the standard deduction? Read on to learn more about the standard deduction, who is eligible to claim it and if it’s worth it for freelancers and small business owners.

Try Out MileIQ For Free

Written by Advertorial | Posted in Advertorial

19 Dec 2016

What The IRS Counts As A Business Drive

Hopefully, you’re already tracking your miles in order to get the largest mileage deduction you’re entitled to. (If you are not, click here to start.) But, what counts as a business drive? Let’s go over what trips the IRS considers as business drives and what it doesn’t.

Written by Advertorial | Posted in Advertorial • IRS