Tax News You Can Use

Why Am I Being Audited By The IRS?

September 23, 2015

There are countless reasons you may be chosen for an IRS audit. Typically, the only time the selection is random, however, is if your tax return is entered into the IRS’s National Research Program. This program enables the IRS to study the taxpaying habits of a cross section of the country. You may not have […]

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Louisiana Corporate Tax Rates Neither Highest Nor Lowest in Country

September 21, 2015

Levied in 44 states, corporate income taxes account for a relatively small share of state revenue — 5.2 percent of state tax collections and just over 2 percent of all state revenue, including federal transfers. Top rates range from a low of 4.53 percent in North Dakota to a high of 12 percent in Iowa. […]

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Of Loopholes and Tax Expenditures

September 15, 2015

Conversations about “loopholes” in the tax code are often unproductive. “Loophole” is a loaded word, one that sneaks in hidden assumptions without justifying them. But loaded words are often effective; especially, apparently, the word “loophole.” As a result, the word has been used far too often and applied in all sorts of inappropriate situations. The […]

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Louisiana Small Business Tax Rates Incentivize Some, Penalize Others

September 14, 2015

Businesses in Louisiana pay widely different effective tax rates depending on which industry they’re in and how long they’ve been operating in the state, according to a new report from the Tax Foundation in collaboration with KPMG. “Louisiana’s tax structure is characterized by high rates and partially offsetting incentives, particularly for new, but in some […]

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2015 Tax Bills Passed In The House Benefiting Small Business

September 9, 2015

Since January 2015, several bills have been passed by the House, including ones to make permanent a few of the 50-plus provisions that expired at the end of 2014. Described below is a sampling. Permanent, higher Sec. 179 expensing: America’s Small Business Tax Relief Act of 2015, H.R. 636, passed on Feb. 13. This bill […]

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The Effects Of Lower Corporate Tax Rates On The Overall Economy

August 27, 2015

Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be […]

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Louisiana Ranked Among Lowest Property Taxes in Nation

August 25, 2015

Well Louisiana, we finally have a third to last national ranking in something that should make you happy! Louisiana is ranked 48th of 50 when it comes to the effective property tax rate on your residence. Some of these statistics were surprising – Delaware’s rates are lower than Illinois, for example. Memories of my time […]

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Back-To-School – Time To Check Your Eligibility for Education Tax Credits

August 24, 2015

With another school underway, now is a good time to see if you will qualify for either of two college tax credits or other education-related tax benefits when you file your 2015 federal income tax return. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses […]

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Small Business Tax Goals

July 16, 2015

There are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished: Reducing the amount of taxable income Lowering your tax rate Controlling the time when the tax must be paid Claiming […]

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