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What’s on our mind? You can read about it in our blog. Whether it’s ideas from the tax universe and investment services world or concepts from the financial industry, you can read about it here. And once in a while, we may throw in a movie review or some other surprise. So keep checking in. We’re glad to have you reading along.

 

Tuesday, July 20, 2021

Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice...

 

Tuesday, February 2, 2021

The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing...

 

Friday, January 22, 2021

Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1In light of the December...

 

Sunday, January 17, 2021

The IRS announced it will be increasing efforts to reach high-income taxpayers who have not filed one or more of their tax returns by increasing the use of methods available to them. The IRS will include in those methods personal...

 

Monday, November 23, 2020

If you treat an employee as a non-employee and you do not withhold social security, Medicare tax and income tax, you will usually be liable for these taxes. This can be devastating to a business. The IRS can come in and reclassify...

 

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Monday, November 16, 2020

The purpose of this letter is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay...

 

Friday, November 13, 2020

Now that several major news groups have projected Joe Biden the winner of the presidential election—and Congress appears divided with Democrats in control of the House and Republicans the Senate—it’s a good time to...

 

Sunday, October 25, 2020

During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on to the rental property tax-loss...

 

Thursday, October 8, 2020

Do you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true...

 

Wednesday, September 16, 2020

Suppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? What one record makes the IRS...

 

Sunday, August 9, 2020

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses...

 

Friday, July 24, 2020

How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan...

 

Monday, June 8, 2020

When you are self-employed with no employees, the payroll protection program (PPP) program is a COVID-19 gift designed to help you get through this pandemic. If you now have your PPP funds, we identified nine insights for you.

 

Wednesday, April 1, 2020

Washington has passed the first coronavirus relief act, and there will surely be more to come. This first package provides for free coronavirus testing (when tests become available!), $1 billion for food assistance programs (including...

 

Tuesday, February 12, 2019

Answers to Common Section 199A Questions For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section...

 

Saturday, September 8, 2018

Convert Your Personal Vehicle to Business and Deduct up to 100 Percent You probably like your personal vehicle just as it is. But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions,...

 

Saturday, July 28, 2018

Filing a tax return is a responsibility that all people need to follow to stay compliant with the IRS. While most people will be able to file their taxes and receive a tax return, those with more complex tax situations, or those who...

 

Saturday, July 21, 2018

A letter from the IRS is rarely a good thing. One of the worst missives to get from the tax man is the CP90 – Final Notice Before Levy. It is a final warning shot to scare you into paying up and should not be ignored. After an...

 

Sunday, July 8, 2018

How the 90-Day Mileage Log Rule Works for You Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, then you are in danger of losing more than just vehicle...

 

Monday, October 9, 2017

On September 27, the Trump administration and congressional Republicans outlined a nine-page “Unified Framework for Fixing Our Broken Tax Code.” What effect might this proposal have on the amount you pay? The plan appears...

 

Wednesday, September 13, 2017

Hire Your Child and Get Paid You can pay your child to work in your business and get paid yourself for this arrangement. Sound too good to be true? The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero...

 

Wednesday, August 9, 2017

Selling to a Related Party Can Kill Your Tax Losses If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related...

 

Friday, July 21, 2017

You may have heard of the virtual currency bitcoin. More and more companies now accept it as payment, and third-party payment processors - such as Stripe - are now offering bitcoin as a payment option. We'll tell you what bitcoin is,...

 

Tuesday, July 11, 2017

Buy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under...

 

Sunday, June 18, 2017

Some young adults manage to acquire a fair amount of financial literacy. In the classroom or the workplace, they learn a great deal about financial principles. Others lack such knowledge and learn money lessons by paying, to reference...

 

Monday, April 10, 2017

Certain kinds of coverage may help to sustain you financially in an emergency. You plan for retirement with expectations in mind. You hope to enjoy a certain quality of life, with sufficient income resulting from smart financial...

 

Friday, November 11, 2016

Trump Won… Now What? Individual Taxes • Cut brackets to three: 12-25-33% • Boost standard deduction to $15,000 ($30,000 for joint filers) • New deduction for individual health insurance premiums • New...

 

Thursday, November 10, 2016

Gun Ownership and Your Homeowners Policy If you own a gun, you need to consider whether you are covered in the event the gun is stolen or destroyed and protected against any potential liability should your firearm cause an injury. Gun...

 

Tuesday, October 18, 2016

2016 Tax Proposals Clinton Trump Keep current tax bracket structure 4% surcharge on incomes >$5 million Impose “Buffett Rule”: Minimum tax of 30% on incomes over $1.0 million Redefine long-term gains at 2+ years (from...

 

Sunday, November 8, 2015

Congress just changed the Social Security benefit rules. On October 30, Capitol Hill lawmakers approved a two-year federal budget deal. As part of that agreement, they authorized the most significant change to Social Security policy...

 

Friday, April 3, 2015

Americans have been complaining about income taxes since the IRS unleashed the first Form 1040 on us back in 1913. Sure, we all hate paying them. But as the tax code has ballooned to twice the length of the Bible (with none of the good...

 

Wednesday, February 25, 2015

You may remember that 2013 was a big year for taxes. Congress passed legislation averting the so-called "fiscal cliff," and many of the "Obamacare" changes took effect. While few of us who watched the process would consider it...