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Tax Tip of the Week | Veterans Who Own Small Businesses Can Follow the IRS on Their Smart Phones November 13, 2019

Posted by bradstreetblogger in : General, Tax Planning Tips, Tax Preparation, Tax Tip, Taxes , add a comment

I am a subscriber of IRS publications and recently received the following article which I wanted to share with our readers. The article is directed toward veterans who are small business owners but the following article and the links provided can be used by any small business owner, and by individuals as well. To all the veterans out there – all of us at Bradstreet & Company would like to thank you for your service and hope you had a great Veterans Day.

                                    -Norman S. Hicks

Veterans who are small business owners likely have lots of questions about their business taxes. National Veterans Small Business Week is as good a time as any other to connect with the IRS over social media.

These business owners can pull out their smart phone or their computer and follow the IRS on these social media sites and apps:

Twitter
@IRSsmallbiz tweets geared specifically to small business owners
@IRSnews posts tax-related announcements and tips
@IRStaxpros tweets news and guidance for tax professionals
@IRSenEspanol has the latest tax information in Spanish
@IRSTaxSecurity tweets tax scam alerts

Instagram
Small business taxpayers can get tax tips and helpful news from the IRS on Instagram. The agency’s official Instagram account is IRSNews, which users can access on their smartphone.

YouTube
The IRS offers video tax tips on its small business playlist. Videos are available in English, Spanish and American Sign Language.

Facebook
The IRS uses Facebook to post news and information for taxpayers and tax return preparers. The IRS also has a Facebook page in Spanish.

LinkedIn
The IRS uses LinkedIn to share agency updates and job opportunities.

IRS2Go App
The IRS also has their own app, IRS2Go. Taxpayers can use this free mobile app to check their refund status, pay taxes, find free tax help, watch IRS YouTube videos and get IRS Tax Tips by email. Like Instagram, the IRS2Go app is available from the Google Play Store for Android devices or from the Apple App Store for Apple devices. IRS2Go is available in both English and Spanish.

Thank you for all of your questions, comments and suggestions for future topics. As always, they are much appreciated. We may be reached in our Dayton office at 937-436-3133 or in our Xenia office at 937-372-3504. Or, visit our website.

This Week’s Author – Norman S Hicks, CPA

–until next week.

A New Tax Credit….. | Tax Tip of the Week | February 8, 2012 | No. 132 February 8, 2012

Posted by bradstreetblogger in : Tax Tip, Taxes, Taxes, Uncategorized , add a comment

Hire A Vet!

A new tax credit for businesses that hire unemployed veterans is now in effect.  The credit amount varies with how long the veterans have been unemployed.  It is 40% of the first $14,000 of wages paid to a veteran ($24,000 in wages if the vet is disabled) who have been jobless for six months or more in the year before they were hired.  The credit is 40% of the first $6,000 of wages for vets who have been out of work at least four weeks but less than six months.

The credit applies for eligible veterans starting work after November 21, 2011 and before January 1, 2013.

Tax exempt groups can take the credit as an offset against payroll taxes.

Think of those who have served our country the next time you need to hire someone!

As always, give us a call if you have any questions.

You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.

Rick Prewitt – the guy behind TTW

Tax Tip of the Week Video Series:

http://youtu.be/BKfzpFDLYsY

…until next week.

 

Look For More End-of-the-Year Changes to Come | Tax Tip of the Week | No. 121 November 30, 2011

Posted by bradstreetblogger in : Tax Tip, Taxes, Taxes, Uncategorized , add a comment

The Latest Tax Law Changes

Congress recently passed legislation repealing a provision that would have required federal, state and local governments to withhold 3% of any payments over $10,000 from government contractors and certain other vendors.  The provision was intended to combat tax avoidance, but critics argued that it would restrict the cash flow of businesses and was too costly to implement.

In addition to repealing the withholding requirement related to government contractors, this bill also:

– Expands tax incentives to encourage employers to hire veterans

– Expands the IRS’s continuous levy authority

– Extends the authority of the US Department of Veterans Affairs to obtain information from the IRS

– Directs the Treasury Department to prepare a report on how to reduce the tax gap attributes to federal contractors

To pay for the $12.8 billion cost of the 3% withholding repeal and expanded hiring incentives for veterans, the legislation adjusts the calculation of the modified adjusted gross income for determining eligibility for certain federal health care programs.  It also delays scheduled reductions in fees for VA mortgage applications.

We expect there will be continued tax law changes based on the actions—and inactions of Congress in the coming weeks.

We’ll keep you posted.

You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.

Rick Prewitt – the guy behind TTW

Tax Tip of the Week Video Series:

http://www.youtube.com/user/bradstreetcpas?feature=mhee#p/u/0/XdYGlaFwbD4