The IRS outsourced tax collection in an effort to “put a dent in the $138 billion that taxpayers owe the government.” This action cost the agency $20 million and netted a little over six million in past due monies. Combined with contractor payments and relatively low collection rates, other cost factors included the streamlined approval of “tax-exempt organizations” as well as lack of funding for better direct (IRS) communication with tax payers.
Category: Federal Income Tax
It’s All Relative
Remember the holidays when you were little? Lots of hugs, kisses and breath taking squeezes from relatives, not to mention that one aunt who always wore bright red lipstick and left an impression on your cheek for all to see. Navigating the holidays with small children can be difficult, especially when they appear shy or snub the advances of loved ones. Sue Shellenbarger for the Wall Street Journal offers a variety of ways to help both your children and the relatives connect and enjoy their time together.
When Your Child Won’t Hug the Relatives
Tax Confusion?
What will the new tax bills mean for you? At the moment it’s not quite clear. Accountants and tax advisors everywhere are watching with bated breath as we approach the current tax season where these new laws will take affect. The best advice in the article? Schedule your tax professional appointment early this year.
Confused by the Tax Bills? Be Glad You’re Not an Accountant
ESG Portfolios Can Outperform Tradition
When investing, do you consider the company’s impact on the environment, production of harmful products, or questionable business practices? Many would prefer to support groups with a positive mission but often feel that the returns are greater from so-called, “bad boy” companies. This may not be true. Chris Tomlinson for the Houston Chronicle sites financial data from two firms showing that focusing on ESG (environmental, social and governance factors), portfolios can actually outperform those loaded with stocks from corporations known for their cavalier business practices.
Good returns don’t require ‘bad’ investments
Last Minute Tax Prep?
Did you wait until the last minute to prepare your taxes this year? You do have an extra three days, the deadline is April 18th. Have questions? Need to know about forms and deductions? Try this article from the New York Times and if that doesn’t get you where you need to be,
give me a call!
Home Office Deductions
As we enter tax season, it’s time to examine a variety of deductions you may be eligible to take. Home office deductions are a simple way to recoup money when using your home as an office space. Those who are self-employed or part of an LLC have one form to complete this process, but S-Corp brings a new challenge. Thank you to wilsonrogers.net for this detailed description of how to legally claim this important deduction.
S-Corp Home Office Deduction
Time to Un-Plug?
Empathy, intimacy, learning to read body language and understanding how to talk face-to-face are crucial parts of being human, but now that we spend hours in front of our tiny glowing smartphone screens, scientists fear we are losing our ability to communicate. According to MIT sociologist Sherry Turkle, these hours devoted to Facebook, games and texts are hurting our capacity to be present with other humans.
When was the last time you chose a walk with a friend over a text or PM chat?
What are we teaching all the children who are playing on phones instead of interacting with those around them?
How Smartphones Are Killing Conversation
Work Hard, Be Nice
What is the key component to professional teams who work well together? Turns out it’s the ability to ‘be nice’ and truly care for one another. When co-workers like and trust each other, it creates the feeling of a supportive family. One that each member is willing to work their hardest for. This sounds like just the kind of advice that would come from the Disney Institute!
What’s The Secret To Successful Teamwork? Just Be Nice
Sharing the Gift of Sharing
Tis the season for giving…
Want to help your teenager or younger child learn more about sharing what they have? Ron Leiber for the New York Times has great recommendations for talking to children about your family’s legacy of both giving and receiving, a history of why you feel it is important to share what you have with others and he offers a simple plan for explaining exactly how you divide the money between various charities.
Six Ways to Give the Gift of Generosity to Children and Teenagers
Hidden Monopolies?
The attempted merger of AT&T and Time Warner has drawn a lot of attention lately. So much that a Senate hearing was held last week to investigate the possibility of the combined companies forming a monopoly. During the meeting of the Senate Judiciary Antitrust Subcommittee, Mark Cuban, internet entrepreneur, made the comment that people should not be concerned with the waning phone business but internet giants, Google and Facebook. Jonathan Taplin, Op-Ed contributor for the New York Times, investigates this further in, Forget AT&T. The Real Monopolies Are Google and Facebook.