Baker Law Firm, P.C.
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May 2015 Archives

Small business owners: are you taking advantage of these tax deductions?

Owning and running a small business is not for the faint of heart. Small business owners are passionate about what they do and often work long and grueling hours. Additionally, many suffer through years of financial losses or marginal profits before business takes off. Given the many and significant personal and financial sacrifices that come with starting and operating a small business, it's important to take advantage of any and every possible tax break.

Are you facing an IRS audit?

Taxpayers who learn they have been selected for an audit by the Internal Revenue Service are likely to feel intimidated and anxious. In many cases, however, the audit process can be relatively simple and painless.

Why are so many expatriates renouncing their U.S. citizenship?

In previous decades, U.S. residents were able to freely open foreign bank accounts the contents of which largely remained private. However, since the passage of the Report of Foreign Bank and Financial and Foreign Account Tax Compliance Act, U.S. residents with foreign assets are now subject to strict regulations with regard to reporting foreign assets in excess of $10,000.

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