Recent Articles

Specialty Taxes

Every industry has some form of IRS code and regulation attached. Learn about these specialt taxes, from the local revenue tax to federal credits associated with particular industries.

SS-4 IRS Application for an Employer Identification Number

05/09/2015

An employer identification number (EIN) is the business equivalent of a Social Security number.  A unique identifier is assigned to the business for use in communicating and complying with the Internal Revenue Service.  Just like a Social Security [...]

Basis for Tax Purposes

02/19/2015

Basis is a term used in computing gains and losses on the disposition of an asset.  For any business owner or individual taxpayer it is important to understand what the Internal Revenue Service (IRS) is really seeking.  What is your tax basis in [...]

Organizational Expenses – Types and Tax Implications

01/03/2015

Prior to initiating operations, every business spends money to develop the idea and create the legal entity.  These types of costs are referred to as ‘Organizational Expenses’.  There are several different types of organizational [...]

Hobbies – Business Perspective and Tax Compliance

02/08/2014

Many people turn their hobbies into a business function.  Not so much to make a living or make big profits, but more to help offset the costs of the hobby.  Whenever you go to one of those community fairs, the vendors at the respective booths are [...]

Estate Tax – The Basics

12/01/2013

Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service.  If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return. This [...]

Form 990 – Return of Organization Exempt from Income Tax

07/29/2013

Section 6033 of the Internal Revenue Code requires tax exempt organizations to file an annual report.  Form 990 fulfills this requirement.  Many citizens utilize the information from Form 990 to evaluate the non-profit organization they donate to [...]

Form 1041 – Income Tax Return for Estates

03/05/2013

When an individual passes away, his/her will or trust identifies a representative to administer his/her estate.  This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local [...]

Fuel Tax Credit

01/22/2013

The fuel tax credit is a federal refundable tax credit for taxes paid on fuel purchased for off road use.  Every gallon of fuel sold at the pump has an 18.3 cent tax assessed by the federal government designated to highway construction and [...]

What is a Living Trust?

01/09/2013

A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust.   A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best [...]

What are Trusts?

01/03/2013

A trust is an agreement for one party to care for the assets of another party for the benefit of a third party.  In essence, it is a business agreement.  The person creating or the original owner of the assets is referred to as the Grantor.  The [...]
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