Small Businesses Plan to Invest Tax Refunds
Many small business owners who received tax refunds plan to invest the money in their businesses, according to a new survey. Read More Now
DetailsWhat Do They Mean By Accelerated Depreciation?
Method that records greater DEPRECIATION than STRAIGHT-LINE DEPRECIATION in the early years and less depreciation than straight-line in the later years of an ASSET’S HOLDING PERIOD.
IRS Caught Over 30,000 Tax Returns Involving ID Theft
The Internal Revenue Service’s expanded use of controls this tax season to identify fraudulent refund claims before accepting them into its processing system has allowed the IRS to identify approximately 35,000 fraudulent e-filed tax returns and 741 paper tax returns as of Feb. 29, 2016, according to a new government report. Read More Now
DetailsTips for Those Who Missed the Tax Deadline
Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline… READ MORE NOW
DetailsWhat Do They Mean By LIFO Liquidation?
The reduction of INVENTORY levels at year’s end below beginning-of-the-year levels for businesses using the LAST IN, FIRST OUT (LIFO) inventory method.
Details5 shrewd ways to use your tax refund for your future
Splurging on a new iPad or subscription to GlossyBox might be tempting when your tax refund shows up. But before you start hitting the buy button, consider using some of the money to protect what you already have. READ MORE NOW
DetailsWhat Do They Mean By Straight-Line Depreciation?
ACCOUNTING method that reflects an equal amount of wear and tear during each period of an ASSET’S useful life. For instance, the annual STRAIGHT-LINE DEPRECIATION of a $2,500 asset expected to last five years is $500.
Senate Bill Would Toughen Penalties for Tax ID Theft
The Tax Return Identity Theft Protection Act of 2016would strengthen the existing penalties for identity thieves, establish tougher sentences for crimes against vulnerable and frequently targeted groups, and clarify the state-of-mind proof requirement that has prevented some identity thieves from being held accountable. READ MORE NOW
DetailsFive Charts Show What Americans Really Pay in Taxes
(Bloomberg) A lot of Americans feel like they’re getting cheated at tax time. In a Pew Research Center poll last year, 61 percent said it bothered them “a lot” that “some wealthy people don’t pay their fair share.” READ MORE NOW
DetailsThree Extra Days!
You get three extra days to gather your paperwork and file your federal tax return in 2016. The tax deadline is April 18. You can thank Washington, D.C., for the gift. Washington will celebrate Emancipation Day on April 15. Emancipation Day typically is celebrated on April 16. It’s the day President Abraham Lincoln signed into…
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