Prepare before closing your doorsIf you have to make the hard decision to close your business, be prepared for possible tax consequences. You can close your business by selling all of the assets or converting the assets to personal use. The tax impact of selling your business depends on whether you are operating a sole proprietorship or corporation.
If you already adopted a child or have simply started the adoption process, you may be eligible for a credit on your 2015 tax return.The credit is limited to the qualified adoption expenses you paid, up to $13,400. In addition, the credit is reduced when your modified adjusted gross income is between $201,010 and $241,010.
Sometimes those phone calls and letters are a legitimate service from the IRS - but how do you know?New IRS scams continue to surface in an attempt to take your money or personal information. Deceitful communications come via phone, email, post and sometimes even a knock on your door. It’s important to know that the IRS does occasionally contact taxpayers, but when they do, it’s most often by mail.