Tag Archives: 2016

Thomas Vincent Cuomo, EA, CTC – Self employed? Use these pointers at tax time

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self-employed-main-promoDetermine what’s deductible
Under IRS rules, deductible business expenses for the self-employed must be “ordinary” and “necessary.” Basically, these are the costs that are commonly incurred by businesses similar to yours and readily justifiable as needed to run your operations.

The tax agency stipulates, “An expense does not have to be indispensable to be considered necessary.” But pushing this gray area too far can trigger an audit. Common examples of deductible business expenses for the self-employed include licenses, professional fees, equipment, supplies, legal expenses and business-related software, along with related auto expenses and educational expenses

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Who Will Prepare Your Tax Return?

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As the start of tax filing setaxclockason approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the IRS systems open on January 23.

In 2016, more than 131 million individual and family tax returns were e-filed, the most accurate, safest and easiest way to file. The rest of the returns received by the IRS, numbering over 19 million, were either prepared on a computer and printed or prepared by hand then mailed.

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Setting priorities in an election year

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taxesimageElection-year politics will dominate legislative action in 2016 as both parties seek to lay out policy agendas for 2017 and beyond, which would seem to dim prospects for legislation in 2016. However, despite divided government during 2015, Congress enacted several key pieces of legislation. Will the legislative successes of 2015, including the signing of a major December ‘tax extender’ bill, and Paul Ryan’s elevation to Speaker of the House create momentum that can be carried over into enactment of additional meaningful legislation during 2016? Will the House or the Senate introduce further tax reform legislation setting the stage for 2017?

Newport Beach Tax and Financial will address these topics and more, including tax reform, global tax controversy, IRS challenges, new regulatory projects, and other tax policy matters of importance to today’s business leaders.

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