Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Taxes

27 August 2019

What Are the Tax Advantages of Homeownership?

Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding whether to buy a home.

David M Robson

Taxes

22 August 2019

The Checklist Every Small Business Owner Needs for New Hires

It’s hard enough to hire the right people for your small business. Use this new hire checklist to make your onboarding process as smooth as possible.

David M Robson

Taxes

22 August 2019

Watch Out for Those Fake IRS Letters

Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the information on each taxpayer’s return with the information from the various returns that other entities (employers, financial firms, educational institutions, the insurance marketplace, etc.) have filed. The goal is to identify possible accidental oversights and intentional omissions.

David M Robson

Taxes

21 August 2019

See the US Tax System Illustrated in One Complex Map

Not sure whether it's worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you'll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer Advocate Service (TAS). The organization, which is dedicated to helping taxpayers resolve tax problems, Puts out a map every year that's designed to help us all understand the workings of the tax system. One quick look should tell you that if you're feeling confused or overwhelmed, it's not you, it's them.

David M Robson

Taxes

20 August 2019

Caution: The IRS is cracking down on non-reported Crypto Transactions

Taxpayers who don’t properly report the income-tax consequences of virtual-currency transactions will be liable for not just the tax but also penalties and interest. Learn more.

David M Robson

Taxes

15 August 2019

Is It Time for a Payroll Tax Checkup?

Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of 2017. Because the law was only passed late in the year, the IRS did not have adequate time to adjust its W-4 form and the related computation tables to account for all of the changes in the law. Thus, even if your taxes were lower for the year, the lack of adjustments to the W-4 and payroll-withholding tables meant that you likely had lower withholding and higher take-home pay for 2018. The bottom line is that, because your withholding was lower than it should have been, either your refund was lower than normal or you actually ended up owing money instead of getting a refund.

David M Robson

Taxes

13 August 2019

The IRS Has Cryptocurrency on Its Radar

If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently issued warning letters to over 10,000 taxpayers it suspects might have an under-reporting problem.

David M Robson

Taxes

08 August 2019

How to Write Off Worthless Stock

If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business.

David M Robson

Taxes

06 August 2019

Tax Ramifications of Disposing of a Vehicle

If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling it to a third party, donating it to a charity, gifting it to someone, or even keeping it as a second car. Here are the details for each. Note: This article does not discuss in detail how to treat the disposition of a vehicle used for business.

David M Robson

Taxes

01 August 2019

Foreign Account Reporting Requirements (FBAR)

U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. The due for 2018’s report was April 15, 2019, with an automatic 6-month extension to October 15, 2019. Failure to file can result in draconian penalties. Form 114 is filed electronically with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) BSA E-Filing System and not as part of the individual’s income tax filing with the IRS.

David M Robson

Taxes

31 July 2019

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational” letters to approximately 10,000 taxpayers who either didn’t report their crypto-transactions or may have reported them incorrectly.

David M Robson

Taxes

29 July 2019

Taxes And Combat-Injured Veterans.

Video: Taxes and combat-injured veterans.

David M Robson

Taxes

25 July 2019

Receiving Tips Can Be Taxing

Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people.

David M Robson

Taxes

23 July 2019

Minimizing Tax on Social Security Benefits

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.

David M Robson

Taxes

19 July 2019

What Are My Chances of Being Audited and How Can I Reduce Them?

First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead.

David M Robson

Taxes

19 July 2019

Does Your Tax Id Number Need To Be Renewed?

According to the IRS, just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. Learn more.

David M Robson

Taxes

18 July 2019

All the Expert Tips You Need to Properly Manage Cash Flow for Your New Business

In the largest possible sense, handling the cash flow for your new business is exactly what it sounds like & you’re trying to get the clearest level of visibility into “money coming in versus money going out” as possible. But managing cash flow is also about a lot more than that, too. It’s about making sure that you not only have the funds on hand to “keep the lights on” and to remain operational, but that you can also capitalize on opportunities as they arise instead of watching them pass you by. It’s about making sure you have access to what you need to not only put your best foot forward today, but to better prepare yourself for challenges that may develop six months or even a year from now, too.

David M Robson

Taxes

18 July 2019

What You Need to Know about Student Loan Interest

If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on government student loans. In fact, virtually any loan interest will qualify as long as the loan proceeds are used solely for qualified higher-education expenses (that is, it is a sole-purpose loan). However, the maximum interest that is deductible each year is $2,500. Thus, in addition to government student loans, home equity lines of credit, personal loans from unrelated parties, and even credit cards can be used if they otherwise qualify. Pension plan loans and loans from related parties do not qualify.

David M Robson

Taxes

16 July 2019

Get Those Kids a Job, and Take Advantage of Tax Breaks

Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24.

David M Robson

Taxes

15 July 2019

The Tax Implications of Getting Married

The following are some of the more frequently encountered tax issues encountered by recently married couples.

David M Robson

Taxes

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