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Tax News

Entrepreneurs know that starting a business can be an exceedingly rewarding experience. But as with any big change, you may have a number of questions as you prepare for launch – taxes not the least of your concerns. Understanding your tax obligations as a business owner – including income taxes, payroll taxes and more – is a major key toward success. Fortunately, we’re here to lend a helping hand. For starters, here are five main tax tips for starting a business. 

Hobbies such as knitting, woodworking, or jewelry making are not only enjoyable but can often be lucrative, as well. Many people earn side income from hobbies or side projects, and it’s important to report that income on your tax return. The way you report this “hobby” income, however, is different from the way in which you report income from a business, with many special rules and limits for deductions you can claim for a hobby. For those of you who earn income from hobbies, here are five basic tips to put you on the right track: 

Rod Polston and Rachel Pappy were both selected as Super Lawyers for this year. This is the second year in a row that Pappy has won “Rising Star.” Rising Stars must be under 40 or have practiced law for less than ten years. Only 2.5 percent are awarded this distinction. 

The Super Lawyer award is only given to five percent of practicing attorneys each year. 

Congratulations to Polston and Pappy!

Natural disasters can affect anybody at any time. For Oklahomans, the threat of tornadoes, floods, fires, or even earthquakes is very real and not to be taken lightly. Fortunately, one way you can lessen the effects of natural disasters is to be well-prepared. The IRS has offered several tips to prepare for the worst that mother nature has to offer, and assures that in the event of an emergency, they are available to help handle disaster-related issues. 

With the holidays just around the corner, the year’s end is officially upon us. That means there is no better time to meet with your tax preparer. Conducting a year-end review will allow you to get a jump start on your 2015 taxes, go over any changes in your finances, and give you and your preparer plenty of time to get your tax return in shape. You can even schedule multiple meetings if your return is more complex. Plus, as April approaches, your CPA’s time will be in high demand; the earlier you contact them, the more individual attention they’ll be able to offer you. 

The IRS announced in late September that it plans to begin private collection of certain overdue federal tax debts next spring and four contractors have been selected to help implement the program. Authorized by a federal law enacted by Congress last December, this new program will enable these contractors to collect outstanding inactive receivables on the government’s behalf. Here’s a quick look at how these changes may affect you, the taxpayer.  

As our country prepares for the November Presidential elections, many have strong leanings toward one candidate or the other, while others are still undecided. In preparation for election season, both candidates – Hillary Clinton and Donald Trump – have recently filled in the details on their originally loosely defined tax plans. Not surprisingly, individuals weighing in on the tax proposals of both Clinton and Trump typically prefer one plan or the other depending on where they fall on the political spectrum. Clinton’s plans tend to appeal to those looking for equality and fairness, while Trump’s plans tout more simplicity and lower rates to spur growth. But what about the specifics? This week we’re examining the tax plans presented by each candidate so we can all be better informed come November. 

At the Law Offices of Rod Polston, it’s always our goal to help you stay in the know and savvy when it comes to your taxes – and that includes helping you to protect yourself from thieves and scammers looking to take advantage. The IRS is alerting individuals of a sophisticated new scam involving fake CP2000 notices that are being sent to taxpayers to bill them for unpaid taxes related to the Affordable Care Act. This issue has been reported to the Treasury Inspector General for Tax Administration for investigation, but here are a few key things to look out for so you don’t fall victim: 

Sep 01, 2016

Tax Myth Busters

When preparing your taxes, it can often be hard to keep the facts straight. Everybody knows somebody (or multiple somebodies) who think they know everything about filing taxes. But when questions arise, it’s always best to trust the experts – that’s what we’re here for! This week we’re covering a few of the most popular tax “myths” to help set the records straight. 

If you’ve ever had your identity stolen – be it a stolen credit card or online fraud – you know the stress and panic that can come with trying to recover lost assets and prove that you are in fact you. Tax-related ID theft has recently become a bigger concern than ever. In fact, ID thieves have become so sophisticated that the IRS has recently had to temporarily shut down the tool they use to assist victims of ID theft, because ID thieves have discovered ways to hack into it. Fortunately, there are still steps you can take to protect yourself – or to recover your assets should you become the victim of tax identity theft.