Farmers may benefit from the special tax codes specific to farming, while enjoying the same tax breaks available to most organizations.
Top ten tax benefits for farmers:
MileIQ is an automatic mileage tracker that takes the hassle out of keeping a mileage log. I think you’ll find it helpful for logging your business drives!
The MileIQ app runs in the background on your iOS or Android phone and logs every drive automatically. You swipe each drive to classify it as business or personal, and MileIQ calculates the value of your deductible mileage. You can add details like parking, tolls, purpose and vehicle and have a complete, accurate mileage log practically effortlessly! Your log gets synced to the cloud, so you can get to it any time, even years down the road. You’ll be able to claim the full value of your mileage deduction with total peace of mind.
This year, MileIQ is offering my clients a 20% discount on annual unlimited-drive plans. Subscriptions are regularly priced at $5.99/mo. or $59.99/yr. (Here’s how to redeem promo codes.)
You can try MileIQ by downloading the free app for iOS or Android. To get an annual unlimited-drive plan at a 20% discount, sign in to your MileIQ web dashboard, click “Get Unlimited Drives” and use promo code KSPE128A at checkout. (Note that the discount is not valid for in-app upgrades or monthly plans.)
Want more information? Take a look at this flyer.
I hope you’ll give MileIQ a try and let me know what you think. (And remember, the subscription is usually deductible too — at 54 cents for every business mile in 2016, it'll pay for itself in just a few drives!)
A former North Carolina state senator was sentenced to eight months in prison on federal fraud and tax charges. He was investigated by the FBI and IRS-CI with assistance from the North Carolina State Bureau of Investigation and this is what they discovered.
The former State Senator, who represented parts of Cabarrus and Union Counties as a State Senator from 1991 until 2016, previously pleaded guilty to one count of mail fraud and two counts of filing false tax returns before United States District Judge Thomas D. Schroeder. The former State Senator admitted that he engaged in a scheme to defraud and to obtain money through false pretenses by soliciting funds through the mail for NC State Senator Committee, using those funds for personal goods and services not authorized under state campaign finance laws, and then misrepresenting such expenditures on filed campaign disclosure reports. The former State Senator further admitted that he made knowing and willful false statements in federal income tax returns filed both in his personal capacity and on behalf of a corporation he co-managed.
Men Sentenced to Federal Prison and Ordered to Pay Over $6 Million Restitution for Tax Fraud at Hope Hospital Texarkana, Arkansas. This case was investigated by the Internal Revenue Service - Criminal Investigation Division and the Federal Bureau of Investigation and this is what they discovered!
Two men were sentenced this week on one count each of Failure to Collect or Pay Over Tax. James R. Cheek, age 68, of Waleska, Georgia and Herschel J. Breig, Sr., age 69, of Nixa, Missouri were each sentenced to 36 months in federal prison followed by three years of supervised release. Restitution of $6,000,000 is ordered jointly and severally between the two defendants.
According to court records, as principals of Hope Medical Park Hospital, both Cheek and Breig were responsible to collect, truthfully account for, and pay over the hospital’s payroll taxes to the Internal Revenue Service during the calendar years 2009, 2010, 2011, and 2012. They failed to pay approximately $6,000,000 in payroll taxes as was required.
Both men were indicted by a federal grand jury in July, 2015 and both pleaded guilty in September, 2016. "Corporate executives have a responsibility to withhold federal income taxes for their employees and then remit those taxes to the IRS on their behalf. Employment tax evasion not only results in the loss of tax revenue to the United States government, employees also lose future social security or Medicare benefits” stated Tracey D. Montaño, Special Agent in Charge. "Failure to pay over withheld taxes is a serious offense, and continues to be an investigative priority for IRS Criminal Investigation."
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.