Watch out for bad tax advisors.  The IRS is certainly keeping an eye out for them.  They are sending undercover clients to catch some of these guys.

“These guys” are tax preparers who know all the ins-and-outs of tax deductions, including the ones you aren’t even entitled to.  They help you navigate through the waters of income tax calculation by adding amounts that you never paid or subtracting amounts that you never made. 

Basically, they’re the guys that tell you that you can take a deduction on certain things, if you skew the numbers a certain way in your income tax calculation.  They’re the ones who tell you to list your dog as a dependent, or to start a phony business.    Read more... (320 words, estimated 1:17 mins reading time)

How do the new healthcare laws affect small businesses? If you’re an entreprenneur, you might want to sit up and listen, although many of these changes to federal income tax law might not take effect until a much later date.

The Obama Administration is tying to make it easier for small businesses to afford healthcare. While I could discuss the new healthcare laws in general, it’s a huge topic and it goes well beyond the scope of this blog, which essentially deals only with issues of personal finance and small business issues.  Read more... (356 words, estimated 1:25 mins reading time)

Here are some links to posts I’ve done in the last few weeks on tax issues:  (Note- these posts are from Reuters’ FindLaw, where I work fulltime as a legal journalist). 

IRS Tax Exempt Nonprofit Recordkeeping: Here, I look at the documents you need to keep handy, if you want to run a 501(c)(3) nonprofit, or any other nonprofit, for that matter.  This list is a list of best practices for nonprofits as well as some rules and regulations. It is very important to keep up to date with your documentation, if you plan on running on a tax exempt nonprofit organization.   Read more... (284 words, estimated 1:08 mins reading time)