Category: Tax

JuanTax Mentioned at Xero Roadshow 2017 Asia

Tuesday, March 7, 2017 — Hong Kong — Xero accounting software kicked off the first leg of its 2017 Asian roadshow at the Four Seasons Hotel. The event was deemed a great success as various accountants, bookkeepers and Xero partners were present at the roadshow. Considered as one of the best highlights of the event is the keynote of Alex Campbell, Managing Director of Xero for Asia, where he discussed the impact of Xero to startups in Asian countries and how industries developed apps that could integrate with the accounting software. One of its best example is the upcoming tax […]

The Ongoing Fight Against Tax Identity Theft

May 16, 2016 – The House passed H.R. 3832, or the The Stolen Identity Refund Fraud Prevention Act of 2016. This bipartisan bill was first proposed by Rep. Jim Renacci in October of 2015 as a way of protecting american taxpayers from identity theft tax fraud. This bill was co-sponsored by Rep. John Lewis and is currently making its way to the senate. Depositphotos As a Victim of Tax Scam Tax-related identity theft is one of the worst issues that the Internal Revenue Service (IRS) is still working on, as this kind of crime is continuously evolving with the use […]

Business Entity Spotlight: A Closer Look on S-Corps

S-Corporation (referred to as S-Corp), is a special structure of corporation which exists through IRS tax election. This business entity has a federal tax status in which companies can “pass through” taxable income or losses to the owners, as well as investors of the business. Electing your company as an S-Corp can help you eliminate “double taxation”, which is one of the outstanding features of this business entity. Depositphotos What Makes an S-Corp? A company can be treated as an S-Corp by the IRS if it’s operating as a U.S business. If the corporation holds a single class of stock […]

Return Preparation 101: A Look at Tax Return Carryover

Now that the 2016 tax year came to an end, it’s time for you to plan and make the earliest of preparations for the next tax year, and the best way to start is by reviewing your 2016 tax return. One of the things you should watch out for are tax return carryovers, for it can help you claim some deductions and mitigate your taxes. Flickr (Kirk Jordan) What is a Tax Return Carryover? A Tax Return Carryover occurs whenever you have expenses which surpasses the annual tax deduction limit. You’re not allowed to take this in full, and you […]

Reality Bites Part Two : How Liens affect Business?

During the first part of this article we tackled debt, its types and also discussed the things that a borrower undergo before completing a loan process. But what if you’re not able to pay your lender? Here is the second part of my article about debt and today we’ll talk about liens and how it affects businesses.

E-Signatures : An Impenetrable Force Against Fraud

E-signature is one of the best way to secure your electronic documents. Aside from the fact that it’s paper free, you don’t have to fax it and not only that, it can also save you time and money. But along with those benefits comes risks like fraud and identity theft. The IRS is no stranger to these issues, especially on tax returns.

A Guide on Writing Off Business Travel Expenses

It’s no secret that we love to travel and go to different places. This helps us ease tensions, relax, and feel the ambiance of the destination we chose to go. Even companies also conduct these kinds of recreational activities for employees. it’s a way for them not only to unwind, but also to learn tips and tricks on managing their business. There are also times that employees are bringing their spouse or anybody they know to the trip, resulting with the IRS determining if these travels should be categorized as personal or business expenses when it comes to processing of tax returns. This article will discuss on why is it so important for these kinds of expenses to be categorized, and the items deductible in those categories.