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If your business withholds taxes from its employees and does not pay them, your business and possibly yourself are exposed to substantial liabilities. The IRS trust fund recovery penalty can make you personally liable for the unpaid trust fund taxes for your business. Trust fund taxes...

This article examines a failed rental property purchase and the related tax consequences. Tom Jones lives in Philadelphia, PA and travels to Florida to purchase a rental property. He enters into a contract and that includes a nonrefundable deposit to secure the transaction, and spends $1300...

If you take the proper tax planning actions in reference to your rental property or office building,  you can put more cash in your pocket with the following 4 tax reductions strategies: Accelerate depreciation on certain components of the building identify repairs allocate less to land retire old building...

Let's start with this most important statement of fact. All the numbers included in your tax return are your responsibility. You create the numbers, not your accountant or CPA. You are required to have adequate documentation for your tax return. When you sign your return,...

The sole proprietorship (SP) is the simplest form of doing business. No tax ID# or Employer Federal ID# is required. All of your income and expenses for your business are reported on Schedule C of your Form 1040 Tax Return-therefore, no extra return is required...

Let's start with the definition of travel according to the IRS--you are away from home overnight or for a period time sufficient to require sleep. For example,  you live in Philadelphia, fly to Charlotte, NC in the morning, and return that evening. You are not...