No Mileage Log, No Deduction

From the Desk of C.G. Johnson & Company   You know with tax season in “full steam”, I’ve been trying to keep my clients really aware of things that could be red flags with the IRS. Things that could cost them deductions or credits because of lack of documentation. No matter how hard I stress…

Here is some news that came across my desk today regarding traveling and tax debt

PASSPORT DENIED OR CANCELLED IN CASE OF UNPAID TAX DEBT: The Fixing America’s Surface Transportation Act of 2015 (FAST Act) added IRC Section 7345 which requires the State Department to deny or cancel a passport for an individual upon receiving certification from the IRS that the individual has seriously delinquent unpaid tax debt. Seriously delinquent…

Tax Season is Here!

From the Desk of C.G, Johnson & Company:   We are hard at it this week. Working on Corporate tax returns. Did you get your 1099’s and W2’s filed and submitted to the recipients by January 31st? Good for you! Remember the first tax filling deadline is March 15th for Corporate tax returns that are not…

New ITIN Changes

Section 203 of the PATH Act layouts the requirements for the issuance of ITINs. The provision requires that individuals who were issued ITINs before 2013 are required to renew their ITINs on a staggered schedule between 2017 and 2020. The provision also provides that an ITIN will expire if an individual fails to file a…

Decreased Number of Tax Scams

To all my readers, I know this is not original, but this content is so very important to share. I’m sure many of you have received those calls, you know, with the proper british accent threatening to have you arrested if you don’t pay your taxes, via Green dot or other gift cards.  This plague…

IRS Urges Taxpayers to Check Their Withholding

In a recent news release, the IRS encourages taxpayers to be sure the correct amount of tax is being withheld from their paychecks, as there is a good chance next year’s refunds will be delayed by new identity theft and fraud protections implemented by the IRS and states.   In a recent news release, the…

This Week From The Desk of C.G. Johnson & Company

There is some good news coming your way effective January 1, 2017. The 2012 voter-approved (Prop 30) statewide sales and use tax increase of one-quarter percent (0.25%) that became effective January 1, 2013, is set to expire on December 31, 2016. This will decrease the statewide sales and use tax rate from 7.50 percent to…

Why Track My Time…Does Time Equal a Cash Write Off?

Clock and calendar time spent on your business is NOT deductible! But Time tracking is necessary for record keeping purposes. For example, as you track your various business activities you can make sure you have captured the deductions for money spent on business expenses and miles driven while performing those activities. Using a calendar feature…

The Child Wages Deduction – Give Your Kid A Job!

If you have children under the age of 18 that you can employ to do work in your business, you can not only teach them some valuable lessons about work and money management, but you can take a great tax deduction that can benefit you in several ways. Not only can you deduct the wages…