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Lawmakers decided to allow dozens of tax breaks to expire after 2013, and most of them will not be retroactively revived until late 2014. They include the R & D tax credit, the deduction for state sales tax in lieu of income tax, and the...

Roth IRAs can be established and owned by anyone who has earned income and that, of course, includes children. As many savvy investors know, Roth IRAs offer the best tax treatment for investment income in the tax code. I have many clients who establish these...

The IRS continually analyzes compliance levels for entities by conducting hundreds of compliance projects and initiatives each year. When it comes to compliance, the IRS has increasingly focused on small business under-reporting, that is responsible for 84% of the 450 billion tax gap. At national...

The first consideration is structuring a sound asset protection plan is deciding which form of entity to operate your business. The possible choices include:General & limited Partnerships Sole Proprietorships Limited Liability Companies Corporations TrustsEach has different legal characteristics, tax attributes, an asset protection features. The right combination is based...

The ability to deduct meals with your spouse is simply a question of fact. Were the meals ordinary and necessary expenses for your business? Did you keep the business meals records as required by law?The IRS is highly skeptical when it comes to business activities...

For most people their home is one of their most valuable assets. It can truly be one's castle, but is also one of the most vulnerable assets to creditors. The goal is to protect this asset at all costs. However, as I will explain, there...

An IRS Audit is expensive, time consuming, and emotionally draining for starters. Its an experience you would like to avoid.Here are the 10 ways to avoid an IRS Audit:Keep Receipts and Invoices--These documents have really nothing to do with avoiding an audit, but they certainly...

The "statue of limitations" refers to the period of time when you and the IRS can make changes to your tax returns.Most taxpayers think of the limitation periods as the time frames during which the IRS can audit their returns. The periods for change by...