What's the AMT Mean to You?
Alternative Minimum Tax (AMT)has been a big topic over the past several years. AMT’s thresholds have stayed the same over the years and have now crept from being a tax on the wealthiest of individuals to a tax that could possibly affect more of [...]
Last week we mentioned a few “did you knows” regarding the Tax Relief, Unemployment Insurance Re-Authorization and Job Creation Act of 2010. This week we are going to cover a couple more areas that are very important for taxpayers to know.
The Tax Relief, Unemployment Insurance Re-Author [...]
As a result of the December 17, 2010 tax law changes, the Internal Revenue Service announced on December 23, 2010 that the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February [...]
Don't forget the Adoption Tax Credit!
Recently I was talking to one of my regular clients and discovered he and his wife are in the process of adopting a child. While they are very excited new parents to be, being a tax accountant, I’m pretty excited too since this gives them a whole new [...]
Are you sure about those tax deductions?
This week I had a client come in for a consultation on last minute end of year tax savings he might take advantage of. In the course of our discussion he mentioned he bought a new car which he planned to use as a deduction. I hated to be the one that ha [...]
The American Dream Doesn't Include Worrying About Tax Documentation
Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long.
Obviously businesses have a more extensive li [...]
IRS closing S-Corp Tax Loop Holes
As a trusted tax advisor I am in the position of researching new proposed tax laws and passing that information on to my clients. Sometimes a new bill comes along that I feel is important for my clients and readers to get a heads up on due to the major tax imp [...]
Obama signing the bill at the White House
Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted [...]
Business failure can leave you feeling totally de-railed
In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usual [...]
More Americans are headed back to school, Federal tax deductions help with the expense
So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 [...]
The Secrets Behind 'Miscellaneous Deductions' Dec 10th 2017 12:00am
Want to reduce taxable income and the dough you have to fork over to the IRS? You may not have considered some work expenses — uniforms, for example — that fall under the category of miscellaneous deductions. So here's the deal: Itemize deductions rather than take the s...