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Phone: (949) 356-0840
Email: irvinetaxsolutions@gmail.com

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RESOURCES

December 28, 2017

To be qualified for deduction, business meal and entertainment expenses must be directly associated with the active conduct of a trade or business, the production or collection of income.

People must be able to prove:

  • The amount of the expenditure

  • The time, date, and place of the expense

  • The purpose of the business discussion

  • The identifi...

December 27, 2017

Bonuses are considered excellent way to motivate employees and reward top performers; however, they can also quickly change one’s tax return and the amount of taxes initially withheld depending on the payout. IRS regards bonuses as supplemental wages, which are not regular wages. For more details, see Publication 15 (2017), (Circular E), Employer’s Tax Gu...

December 26, 2017

IRS has published “Notice 2014-21” describing how existing general tax principles apply to transactions using virtual currency. Here are a handful of primary contents of this notice.

1. For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

2...

December 22, 2017

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice. You must keep records, such as receipts, canceled checks, and other documents supporting an item of income, a deduction, a credit appearing on a return, etc. Here are the list of a handful of ti...

December 21, 2017

The Electoral College has confirmed new president-elect making great changes next year. For now, we still need to keep track of the routine things involved in bookkeeping and tax. Here are some quick steps:

1. Make charitable contributions before year-end

This is an exceptional way to reduce your tax burden for the year as well. Remember to look up the...

December 20, 2017

The IRS has issued the 2018 optional standard mileage rates and starting on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017)

  • 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017)

  • 14...

December 14, 2017

The consequences coming from non-filed returns can be absolutely severe for noncompliance.  Even if people don’t owe any tax, it still be extremely important to file. Let’s look at what happens unless people file tax returns.

1. Non-filling Letter

As someone has a late tax return, the IRS will send out letter having an assortment of code numb...

December 13, 2017

If people haven’t filed their tax returns for a number of years, they are likely anxious and find themselves glancing over shoulder periodically to see if Uncle Sam has caught up with them. Once a refund is older than three years, they can no longer be claimed and can’t be applied to other year income tax liabilities. Thus, non-filers may have the IRS jum...

December 8, 2017

There are a range of reasons to keep records. In addition to tax purposes, people may need to keep them for insurance purposes or for getting a loan. Good records is useful to:

  • Identify sources of income. People may receive money or property from a variety of sources. Records help them determine the sources of income needed to separate business from no...

December 7, 2017

“Audit-proofing” your return means documenting deductions so that you can prove them if you’re audited. Today’s historically low audit rates make it pay to be aggressive. But you should file your return as if you expect to be audited. That way, if it happens, you can support your deductions and walk away a winner. 

The IRS generally doesn’t require records...

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