Structures for US companies operating in Mexico: If you plan on having members of your company operate in Mexico or you plan to set up a physical business in Mexico it’s very important that you know about the different structures…
Year: 2014
2015 Social Security Benefits Announced
The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2015 by 1.7%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2014. In…
US-Mexico tax issues and planning:
Deferral of Mexican income from US tax: If you are planning on making a living in Mexico or setting up a new business in Mexico it’s important to recognize that any of the income that you make in Mexico can…
Missing a Form? Not an Excuse.
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or…
Reducing the Savings Account Tax Burden
Money you place in traditional savings accounts is already taxed by both the Federal and State governments. These after-tax deposits lower the amount you have available for savings. Lower deposit amounts also mean lower earnings potential. Then Interest earned on…
Surprise! The Mutual Fund Tax Trap
Too often taxpayers receive a tax surprise at year-end due to actions taken by a mutual fund they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to…
I Need a Copy of My Tax Return
Retaining copies of your federal tax return is important. Not only will you need the return in case of audit, but the tax return is often used to secure student aid, obtain loans, purchase a home or business, plus much…
The Coverdell ESA “Education Savings Account”. Lost in the mix?
The tax code is filled with tax breaks to offset the cost of education. This includes programs like the Lifetime Learning Credit, the American Opportunity Credit, the Saver’s Credit, student loan interest destructibility, and the on-again off-again Tuition Deduction. Lost…
FIVE BASIC TAX TIPS FOR NEW BUSINESSES
A thorough awareness of your federal tax obligations is one of the main concerns of climbing the ladders of success if you are gearing up for a business start-up. Not only knowledge about income taxes but also, information about…
Lifestyle Audits. A thing of the past?
The word “audit” is enough to raise anyone’s blood pressure. If the IRS agent then tells you they want to see bank accounts and personal records you may need a heart monitor. Should this happen to you, you could be…