Federal Tax Laws

In a step toward protecting Americans from fraud, the federal government passed the Economic Growth, Regulatory Relief, and Consumer Protection Act.  It is absurdly easy for people such as hackers, thieves, and even relatives to open accounts in your name, but this can change if you are diligent.  The new law, enacted in July of 2018 allows you to freeze your credit so no one can open a new...

Starting a business is a great idea in so many ways.  Giving yourself the freedom to work whenever and wherever you want is priceless (figuratively speaking).  Especially in the beginning, it essential to give yourself and your business the best chance to survive financially.  An important piece of the puzzle?  Tax breaks.  There are tons of deductions and subtractions which were created...

Of the over 2,000 billionaires in the world, 82 have a residence in New York City.  One57 (aka “The Billionaire’s Building”) is a tower near Central Park.  The identities of the residence of One57 are held secret, but two individuals were revealed because they stopped paying their mortgage.  Billionaires have bills too! Foreclosure #1 – Mr. LLC Mr. LLC is named as such because he shielded...

Tax season is stressful for everyone.  You never know when you are going to get that awful letter in the mail that informs you that you are being audited.  Preparation is important.  You should spend the whole year as if you expect to be audited.  Unfortunately, regardless of preparation, some people are more likely to get audited. Cash Employees The audit selection process is not completely...