Brian Borawski CPA, PC

In their summertime tax tip series, the Internal Revenue Service recently issued guidance to those people who adopted a child recently yet also extended their 2011 tax return.  According to the report, there’s eight things you need to know. 1. The adoption credit for tax year 2011 can be as much as $13,360 for each [...]

If you know someone serving in the armed forces and is helping protect our country, like everyone, they have to file a tax return.  While most of the regular rules apply to those serving in the military there are a couple of things that those in the Armed Forces have to look out for.  Most [...]

While I’m still putting some finishing touches on my “About Me” page, you can still find a few things about me because I was highlighted on Taxgirl’s “Getting to you know Tuesday.”  Be sure to check it out and when my About Me page is done, I’ll let everyone know.

When you’re starting a business, be careful what you do with your start up costs.  Costs that you think would normally be deductible may not be and this is all because of Code Section 195.  Start up costs fall into one of three categories… 1)  costs incurred in investigating the creation or acquisition of a [...]

It looks like the IRS isn’t happy with the level of compliance with US citizens who go overseas to work.  They’ve offered a special deal to certain overseas taxpayers that would allow them to escape penalties if they file their back tax returns.  This also applies to Reports of Foreign Bank and Financial Accounts.  The [...]

While we have a number of expiring tax provisions, we also have a few new ones.  This one is courtesy of the 2010 Health Care bill (Obamacare) and it puts into place a medicare tax on unearned income which starts 1/1/2013.  The tax rate is 3.8% and it’s on the lower of the persons’ net [...]

Did you start a business or form an entity and now you need an Employer Identification Number, or EIN? You can get your number online and it only takes a few minutes.

Many people feel that the two absolutes in life are death and taxes.  In my experience, if there’s something that comes to close to a third absolute it’s that you should never hold real estate within a structure that’s taxed as a corporation.  I can give you some examples of where it works out okay [...]

Enacted in 2011, employees and self-employed people alike received a temporary 2% cut in their payroll taxes.  Mired in Congress, the extension of this tax cut was given some odd treatment because the two sides of the aisle couldn’t agree on how to pay for it so for a while, there was just a two [...]

Buying a business presents a host of both tax challenges and tax options.   Knowing how you buy a business and how it’s going to be presented on a tax return can be just as important as the actual purchase price.  As usual, I’m going to talk about things in a general sense.  If you’re buying [...]