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The IRS Doesn’t Really “Audit” Tax Returns
By Gary A. Hensley, MBA, EA It is a misnomer to label IRS “examinations” as “audits.” I am not sure how the terminology evolved over the years as it relates to Internal Revenue Service (IRS)...
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Be a “Professional” Writer — All Year Long
By Gary A. Hensley, MBA, EA If you are new to the writing life, or even a veteran, you are in the business of writing if your intent is to write long-term and make a living (or at least a … Continue...
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HSAs – The Shadow Retirement Account
By Gary A. Hensley, MBA, EA This article will be of interest to those who want to accumulate significantly larger retirement funds beyond the amounts allowed by the traditional retirement accounts...
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Mid-Year Tax Planning – 2014
Tax Season 2014 has come and gone and now it’s time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions....
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Warning! Form 1099-MISC and Payments to LLCs
By Gary A. Hensley, MBA, EA Most of you are aware that you need to issue a Form 1099-MISC to independent contractors you paid $600 or more for services (not goods) during 2014 no later than February 2,...
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Five Key Tax Tips about Tax Withholding and Estimated Tax
If you are an employee, you usually will have taxes withheld from your pay. If you don’t have taxes withheld, or you don’t have enough tax withheld, then you may need to make estimated tax payments. If...
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IRS Announces 2016 Standard Mileage Rates
By Gary A. Hensley, MBA, EA IRS, in Notice 2016-1, announced the optional 2016 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business,...
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No Deduction Allowed for Substantial Use of RV
Jackson, Tax Court Memo. 2014-160 The taxpayer was an insurance agent who specialized in selling insurance policies specific to recreational vehicles (RVs). To gain access to RV owners, the taxpayer...
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Shareholder-Employee “Reasonable Compensation” in a S-Corporation
Some writers, publishers, illustrators and many other small business owners have been advised (or otherwise selected on their own) to operate as a Subchapter S corporation under the Internal Revenue...
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Sole Proprietors: Hire Your Spouse and Deduct Your Healthcare Expenses on...
Reduce Income Tax and Self-Employment Tax with a Health Reimbursement Arrangement (HRA) A health reimbursement arrangement (HRA) is solely funded by an employer for the benefit of its employees....
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