Job Hunting and the IRS

Job Hunting and the IRS By Stephen J. Ganns{3:18 minutes to read}  

If you’re looking for a job, surprisingly, some of the expenses may be deductible. The IRS allows a deduction for searching for a new job, however, as always, there are some restrictions.

Some of the costs or expenses you can deduct are:

  • Resume – all costs involved in preparing, printing and mailing resumes
  • Travel –  to look for jobs in another city; also includes local travel, subways or metros, taxis
  • Overnight stay expenses for interview purposes
  • Placement agency fees. 

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3 Simple Tax Effects of Divorce and Separation

3 Simple Tax Effects of Divorce and Separation By Stephen J. Ganns{3:00 minutes to read} We all know one of the most significant, life changing events many people go through is separation or divorce. At that time, income taxes may not be your number one priority, but here are some quick tips to remember as you navigate these waters.

Child Support

If you are paying child support, it is not deductible on your tax return. People often get confused by this, but if you think it through, it’s pretty simple. When a married couple buys clothing or school supplies for their children, they cannot deduct those purchases, so just because you give those funds to an ex-spouse doesn’t make them deductible. Continue reading

Independent Contractor or Employee – Which Are You?

Independent Contractor or Employee - Which Are You? by Stephen J. Ganns, CPA{3:48 minutes to read} The IRS is becoming more and more strict about how employers categorize their workers, as to whether they are independent contractors or employees.

There are basically 3 areas that the IRS considers when deciding if a person is an employee or an independent contractor. Continue reading

Are You Keeping Track of Your Auto Expenses in Writing?

Are You Keeping Track of Your Auto Expenses in Writing By Stephen J. Ganns{3:00 minutes to read}  If you own a small business there is a good chance that you are using a personal automobile for that business. In fact, you may even have purchased the automobile through the small business.

In either case, you are now faced with the daunting task of keeping proper records. The IRS demands that in order to deduct automobile expenses for a business you must have WRITTEN documentation, this documentation must be kept contemporaneously at or around the time of the expense. Continue reading

Letter from the IRS? Don’t Panic!

Letter from the IRS? Don't Panic! By Stephen J. Ganns, CPA{3:48 minutes to read} The IRS mails many notices and letters to taxpayers each year. There are a variety of reasons why this might happen. Here are some things you should know in case you receive one.

First, do not panic. You can often take care of any notice by simply responding to it. The IRS notice will usually be about a specific issue on your Federal tax return and/or tax account, such as:  Continue reading

If You Missed the Tax Deadline, Don’t Fret!

If You Missed the Tax Deadline, Don't Fret! By Stephen J. Ganns, CPA{2:42 minutes to read} For whatever reason, you did not file your taxes on time:

  • Maybe you forgot;
  • Maybe your accountant forgot;
  • Maybe you just don’t care.

Well, you should care, because it’s not best practices to fail to file a tax return if you are required to.  Continue reading

Sadly Tax Season Is Over. What to Do Now?

Sadly Tax Season Is Over. What to Do Now By Stephen Ganns{3:48 minutes to read} So you visited with your tax preparer and hopefully they gave you some good advice.  Now it’s time to put some of that advice into action.

When it’s not tax time, there are things that all taxpayers should do in order to alleviate their tax burden for the next year.  Continue reading

Your Rights as a TaxPayer

Your Rights as a TaxPayer by Stephen Ganns[Time to Read: 1.3 mins]

Did you realize as a taxpayer you have rights? Well, actually, you do.

As citizens of the United States of America, who are responsible to pay taxes in order to allow our government to continue to run, we do have some rights. The following are excerpts from an IRS publication, which delineates those rights:

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