Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions...
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax home, and it’s not necessarily in the same town where...
The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may...
Second, the yacht is an entertainment facility. Tax law treats entertainment facilities harshly, so you need to seriously consider providing...
Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency...
With the COVID-19 experience, you and your partners may be doing a lot of work from home or even working from home primarily...
If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax...
What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you...
If you want to attend a convention, seminar, or similar meeting onboard a cruise ship and deduct all your costs, you face some very special rules...
The recent tax reform eliminated personal exemptions for taxable years after December 31, 2017, and before January 1, 2026. This makes your child...
The Tax Cuts and Jobs Act (TCJA), known as tax reform, made it more difficult for you to deduct your legal fees. The new tax reform law suspended...
If at all possible, you want to qualify for the 20 percent tax deduction offered by new tax code Section 199A to proprietorships, partnerships...
We have had a number of clients who have been confused about the starting point for the new Section 199A tax deduction...
Tax reform put the screws to your state and local income tax deductions. Many states disliked that and have been putting together workarounds...
The new and improved Section 179 deduction gives you more ways to take advantage of immediate tax deductions...
Tax Reform Creates an Unfounded Desire for the C Corporation, you have to think that this could be the choice of entity for your business operation...
The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025...
Tax reform created a new 20 percent tax deduction for select pass-through entities. Will your business operation create the 20 percent tax deduction for...
The tax law has mistreated hobbies for a long time. But the most recent tax reform brings the grim reaper to the party, and it’s not pleasant...
The recent tax reform destroyed what was a win-win tax benefit for both the employer and the employee. Transportation fringe benefits came into being in...
Here’s a troubling thought. Did lawmakers put you in the out-of-favor tax group that denies you the 20 percent Section 199A deduction...
The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential...
The recent tax reform added new tax code Section 67(g), which states, “No miscellaneous itemized deduction shall be allowed for any taxable year beginning...
Finally, lawmakers did the right thing by increasing the luxury auto depreciation limits on business cars...
You likely have heard conflicting information on the deductibility of business meals with clients and prospects...
The 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who...
The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds...
You may no longer deduct directly related or associated business entertainment effective January 1, 2018...
Because you report your business income and expenses on Form 1040, Schedule C, you have a unique tax-planning possibility when you are replacing your old...
On the compliance side, tax law has some rules that force me to be on your side. For example, to avoid tax code penalties, I have to...
First, should you own the vehicle in your personal name, or should you have your corporation own the vehicle? Let's say that it makes...
I know that you expect to receive money from a lawsuit or settlement because of an injury. I also know that the last thing you want to do...
Here's some information that will help you with the task of sending your child to a special needs school. Defining "Special Needs" School...
Here are some tips on what you need to do and how to avoid paying taxes on the incorporation. Qualifying to qualify for a tax-free...
When it comes to tax advice, be careful whom you trust. There is some remarkably bad and wrong and hazardous-to-your-health information...
Use a Tax-Advantaged SEP 4019(k) to Retire Early and in Comfort when you get this retirement thing right, you take away the stress of the...
When you are buying a business, you want to buy not only at the right price but also in a manner that keeps your taxes as low as...
Starting a new business can be exciting and stressful at the same time. However, you decided to start your business, let's look at some...
Audit Risking a few things is more unnerving than having your tax return selected for an IRS audit. The IRS uses that "audit anxiety" to help...
Charitable Giving - Vehicles if you donate a used vehicle to charity, you are allowed to take a tax deduction for your generosity, but...
You recently told me you were expecting to show a loss this year, with deductions that exceed your income, resulting in negative taxable...