IRS spotlights expanded tax benefits for depreciation and expensing

Businesses can immediately expense more

Businesses may elect to expense all or part of the cost of what is often referred to as Section 179 property and deduct it in the year they place the property in service. The maximum deduction is increased to $1,000,000, and the phase-out threshold is increased to $2,500,000. These amounts, adjusted annually for inflation, apply to property placed in service in tax-year 2019. Full Story

Arm Yourself Against Identity Theft

In a recent report issued by the Government Accountability Office, the IRS reports paying out over $5.8 billion in fraudulent refunds. Though the IRS was able to prevent $24.2 billion in fraudulent identity theft refunds in 2013, the need to protect yourself from identity theft is as important as ever.

What is a Federal Tax Lein?

At GI Tax we understand that many people are nervous to prepare their own taxes. There are many confusing terms and rules you must follow, and we understand the confusion. One of these terms that makes most equal parts confused and terrified is the Federal Tax Lein. Have no fear, GI Tax is here to explain to you this term and what it means for you.

Why Are You Being Audited?

The most terrifying thing you can receive after you’ve submitted your taxes is a letter from the IRS informing you that your taxes are being audited. While there is nothing inherently bad about being audited, it still can strike fear in the hearts of even the most stoic tax-payers. Audits are simply the IRS checking your numbers as they are very invested in ensuring that people aren’t cheating on their taxes.

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