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Issue Number:    IR-2016-67 WASHINGTON –– Texas storm victims, including those in the Houston area,  will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization... read more →

  Return Preparer Fraud Is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid During the 2016 Filing Season This message was distributed automatically from the mailing list IRS Newswire. WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return... read more →

The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. To read full article with IRS tips to help you avoid being a... read more →

  Baity & Assoc. is proud to announce Debra Baity's endorsement from financial radio host Dave Ramsey as part of his Endorsed Local Provider program. For more information on the distinction and access to Endorsed Local Providers click below! Click Here to Learn More

Despite all the publicity to the   contrary, tax shelters are alive and well. Here are some of the best ways to shelter your income from Uncle Sam. Real Estate Shelters If your Adjusted Gross Income (AGI) is $100,000 or less, you can deduct up to $25,000 in losses for rental... read more →

A vacation home can provide you and your family with lots of good times. If you own a vacation home it could also provide you with many tax benefits to make your ownership less costly and more enjoyable. Here are some surprising tax advantages to home ownership you should not... read more →

Owning your own business means   that you make all the major de-cisions,  including  the  ones  that  can have a real impact on your taxes.One of the earliest and most  impor-tant decisions you’ll make is to choose the  legal  form your business should adopt. The most common forms are a  sole proprietorship,  a partnership, or  a  corporation.  Each  has  different tax  consequences  and  making  the right choice can have a verry positive effect on your tax picture. Sole Proprietorships A sole proprietor is an unincorporat-ed business that has only one owner. It is a simple legal entity in which you are your own master.A sole proprietorship has three major tax advantages:You can deduct any losses you incur from  your  business  start  up  costs on your personal income tax return. These start up costs can be used to reduce  your  taxable  income  from other sources.You avoid double taxation. Income generated from a regular corporation is taxed twice. First, your busi-ness pays a  corporate  income  tax on its profits. And then, as a share-holder,  you  pay  personal  income taxes on any dividends you receive from the corporation. On the other hand,  income  from  a  sole  propri-etorship is taxed only once - as in-come on your personal income tax return.Your overall tax burden may be less depending  upon  the  tax  bracket you are in. Partnerships A partnership is similar to a sole pro-prietorship ... read more →