Robert J. Fedor, Esq., L.L.C.

March 2014 Archives

Small business owners and tax deductions: part 2

According to the U.S. Small Business Administration, more than 50 percent of all small business owners operate out of a home office. In our last blog post we discussed some home office-related tax deductions for small business owners. In this post, we'll continue to look at other types of tax deductions that small business owners may be able to take advantage of.

Small business owners and tax deductions

With tax season in full swing, individuals who take on the task of completing their own taxes are often confused by ever-changing tax codes, regulations and rules. This is often especially true for small business owners for whom tax season is often accompanied by anxiety and stress related to whether financial records are accurate and deductions pass the IRS's sniff test.

Advice for individuals who are unable to pay their taxes

The recent economic depression set off a chain reaction of events the subsequently resulted in many individuals and small business owners having financial difficulties. Individual's savings and retirement accounts were wiped clean and many small business owners were either forced to close or find other ways to make ends meet.

Consistency may be key to surviving an IRS inquiry or audit

The weeks leading up to the April 15 tax deadline are often a time in which both individuals and business owners scramble to organize financial information and prepare tax-related documents. For many, in addition to ensuring the tax deadline is met, extra effort is made in an attempt to avoid an IRS audit.

Attorney brokers favorable plea agreement for man accused of tax crimes

In matters related to alleged tax crimes, prosecutors have a heavy burden to prove guilt. In some cases, it's in a defendant's best interest to force prosecutors to build a case and produce evidence that must prove beyond a reasonable doubt that the defendant participated in criminal tax-related activities. In other cases, it may be in a client's best interest to allow defense attorneys to broker a favorable plea agreement.

Small business owners subject to more scrutiny by states and IRS

It's nearly time for individuals and small business owners to once again file their tax returns. As millions attempt to collect tax-related documents and figure out what they may owe, several states are gearing up to identify small business owners who may have made errors when filing their 2013 tax returns.

Ohio measure seeks to require that tax preparers obtain certification

Barring a formal extension, U.S. citizens are expected to file their taxes by the 15th of next month. While some individuals are brave enough to attempt to decipher complex tax rules and complete their own taxes, according to the Internal Revenue Service, an estimated 63 percent of Americans seek the assistance of tax preparers. However, some may be surprised to learn that a sizable percentage of the estimated 1.2 million American tax preparers have no formal training or certification.

Despite budget cuts, IRS criminal investigations continue to increase

We've previously reported about the financial woes affecting the Internal Revenue Service. However, these budget and staffing cuts have not appeared to deter the IRS from actively pursuing, investigating and prosecuting a number of criminal IRS cases including those that deal with alleged tax fraud and tax evasion.

With tax debt, better to pay late than file late

For many people in Ohio, this year's tax season has been a season of surprises. Whether you're an upper-income filer who has a seen a higher tax rate or you're a filer who unknowingly claimed too many withholdings, owing money to the Internal Revenue Service can be stressful.