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…
Category: Tax Services
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…
In the Military? Special Tax Benefits May Apply
There are special tax benefits to members of the U.S. Armed Forces. If you or someone you know is in the military, prior to filing a tax return it makes sense to review your situation. Outlined here are some of…
College Tax Savings: 2014 Edition Every little break helps
With the start of school just around the corner, it is hard to ignore the high cost of funding a college education. Thankfully, there is some help within the tax code. Outlined here are three of the more popular ways…
Business Capital Expending Good or bad decision?
As a reminder, businesses may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code. Section 179 The American Taxpayer Relief Act of 2012 extends the annual $500,000 amount of qualified…
Do You Need to Pay Employment Taxes?
If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes, or you may need to pay federal unemployment tax, or both. Refer to this table for details: If you… Then you…
Time to Think About Commuting
Don’t leave this benefit on the table $3.40 to $4.00 per gallon gas prices are quickly becoming the new norm. Congress and the President appear to be doing very little to control this inflationary cost. What can you do?…
Audit Target: The Sole Proprietor
Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the number one target of audits are those tax returns with a Schedule C for small…