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It's Your (and the IRS's) Lucky Day!

Mon, Nov 12th 2018
We've all imagined what it would be like to be the big winner, but what actually happens when you are? When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes are taxable. Almost all prizes are taxable income. You report them on your income tax return as other income. This is the case whether your prize is cash, merchandise, or... Read More »

The IRS Loves Your Business ... and That is NOT Good

Mon, Nov 5th 2018
The IRS continues to focus their audit activities in key small business areas. The wise business owner is well advised to be able to defend the following five areas to keep the IRS at a comfortable distance: Business or hobby? Be ready to provide proof your business is truly a business and not a hobby. Those who fail in the eyes of the IRS can have their expense deductions severely limited, while still required to report the income. Make sure you can answer and provide documentation for these... Read More »

Surprise! The Mutual Fund Tax Trap

Mon, Oct 29th 2018
Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does this happen and what can you do about it? Tax surprises Towards the end of each year, many mutual funds pay a dividend to the holders on record as of a set date. The fund might also distribute funds deemed as capital gains based upon... Read More »

Six Ideas to Help Your Business Survive AND Thrive

Mon, Oct 22nd 2018
If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end of the day, you need enough cash to pay your vendors and your employees. If you run a seasonal business you understand this challenge. The high season sales harvest needs to be ample enough to support... Read More »

Tax reform & your business - free information session!

Mon, Oct 15th 2018
The Tax Cuts and Jobs Act  created a multitude of tax planning opportunities for businesses. What do you need to do now to get the most benefit for your business from the tax bill passed by Congress last December? Can you save thousands on taxes this year under tax reform? Will you benefit from the new pass-through deduction? Is it time to consider an entity choice change? Woodcock & Associates, PC presents a free 1-hour "Munch and Learn" targeted to your industry to help you answer these... Read More »