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Many business taxpayers fail to deduct otherwise eligible business expenses or fail to fully deduct qualifying business expenses. As a result, millions of dollars are overpaid to the Internal Revenue Service every year. While tax reporting season still seems far off, it’s a good idea to start identify and gathering receipts now in preparation for… Read More
As the Summer of 2018 comes to close we’re reminded of the beaches we may have visited or the restaurants we possibly frequented during those warmer, less chaotic months. As we were enjoying some those places, maybe at a seasonal vacation location, it’s hard not to recognize the employees of those establishments that dutifully made… Read More
If you think tax planning only happens in the spring, think again. Taxes are a year-round concern and there’s no better time than the present to plan for the future. Consider the following: Fall means the end of summer and summer camp for many kids. Did you know there’s a tax credit for that? If… Read More
Whether your company supplies business autos to employees primarily as “perks” or as necessary tools to help them get their work done, their personal use of the auto has tax implications for them and for you. That’s because an employee’s personal use of a company auto generally must be treated as non-cash taxable fringe benefit… Read More
A first step in avoiding costly hassles with the IRS is identifying potential red flags before filing your business tax return. For example, a common source of audit conflict between the IRS and small businesses is the documentation of travel expenses. The IRS often has the edge in these disputes because the tax law spells… Read More
Receiving a gift or a bequest or other inheritance can be unexpected. These types of events, do however, carry a unique set of federal income, gift and estate tax rules that must be observed and apply to everyone, not just higher income individuals. Knowing what the rules are will help you prepare for any tax… Read More
Social Security income used to be tax-free to all, but that’s no longer the case. Depending on your other income, you could wind up paying tax on up to 85% of your Social Security benefits, at a time when you need steady income the most. However, your qualified tax professional may be able to help… Read More
Aging is often associated with social security and fixed incomes. However, as people live longer, the incidence of dementia or other mental disability becomes more of an estate planning problem. Often, the elderly have the foresight to appoint an attorney in fact under a power of attorney (POA) to act for them in financial and… Read More
merica’s taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights or TABOR. These rights cover a wide range of topics and issues, and lay out what taxpayers can expect in the event they need to work with the IRS on a personal… Read More
In the 2017 Tax Cuts and Jobs Act, Congress eliminated the special rule that allows a traditional IRA converted to Roth IRA to be recharacterized back to traditional IRA. The change goes into effect for conversions made on or after January 1, 2018. Note, however, a Roth IRA conversion made in 2017 may still be… Read More