A government watchdog is barking at the IRS for missing tax frauds relating to identity theft. The Treasury Inspector General for Tax Administration (TIGTA) has recommended that the IRS make the following changes in its procedures.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Q: What happens tax-wise when I trade in one business car for another? Do I have to pay the IRS any tax on the value negotiated with the dealer?
According to new IRS statistics, the top 1% of all tax return filers (i.e., those with an AGI of at least $369,691) paid 37.4% of all federal income taxes in 2010, the last year for which the IRS has analyzed data.
HR Law 101: Passage of the Fair Minimum Wage Act of 2007 marked the first boost to the federal minimum wage since 1997. In July 2007, the federal minimum wage increased from $5.15 to $5.85 per hour. Additional raises took effect over the next two years: to $6.55 on July 24, 2008, and to $7.25 on July 24, 2009.
The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. Here's the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, beginning Jan. 1, 2013.