Musicians, artists, athletes and influencers fall into a niche group of taxpayers: Traveling Professionals. Also included in this group are entertainers, writers, other performing artists and keynote speakers. What these individuals have in common, from a tax perspective, is that they travel to many different places to perform work. In turn, people that fall into this group are prone to […]
Archives for January 2017
Starting Your Own NonProfit?
Be sure to do this: Incorporate, or otherwise organize your group, according to the laws of your State. Obtain a Federal employer identification number. Apply for Federal tax exempt status. Register your organization as a charity according to the laws of your State. Understand your ongoing Federal and State recordkeeping and reporting obligations. Understand the Federal requirements for […]
Business Gifts – IRS Limits You Should Know About
If you give gifts to your clients, customers or associates in the course of your trade or business, you may be wondering if these gifts are tax deductible. The good news is that yes, they are. However, the IRS imposes serious limits on how much you can deduct. Under current rules, which have not been updated since 1962, […]
Is A 1031 Like Kind Exchange Right For You?
Under section 1031 of the Internal Revenue Code capital gains tax can be deferred if the property is exchanged for like kind property. These types of transactions are typically referred to as 1031 exchanges. These types of transactions have several restrictions and the sales transaction must follow an established protocol set forth in the IRS […]
Travel Expenses – Can You Deduct Yours?
Travel is one of the most commonly misunderstood tax deductions amongst business owners and the self-employed. A basic understanding of what travel means in IRS-speak can help you to avoid disallowance of your deduction, should your tax return ever be examined. Here are the three most important things you should know: 1. There is an important distinction […]