Jul 6, 2016 | Budgeting, Business Tax Planning, IRS, Tax Compliance, Tax Planning, Taxable Income
Summer is here, 2016 is half over, and it’s a great time to organize your taxes. It seems most of my clients wait until January to look for their records, organize their charitable donations, and review investment accounts. While it may not be fun to spend a...Feb 20, 2016 | Deductible Expenses
The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar with the typical itemized deductions,...Jan 28, 2016 | Deductible Expenses, Tax Compliance
The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline. Effective January 1, 2016, the standard mileage rates for the use of an...Dec 20, 2015 | Tax Planning
With just a couple of weeks before year end, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The legislation deals with more than 50 tax provisions that expired December 31, 2014. Some provisions were extended, while others were...Nov 29, 2015 | Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be deductible on an...Sep 30, 2015 | Retirement
What happens to Social Security benefits when a spouse dies? Let’s use an example of Bill and Ann Jones. Bill and Ann are both receiving Social Security benefits when Bill dies suddenly of a heart attack. Ann can keep her own Social Security benefit payment or...Jun 1, 2015 | Tax Compliance
What are the income tax consequences if Grandpa dies on June 30, 2014? If a taxpayer dies during the tax year, the IRS still expects a tax return to be filed on behalf of the decedent. In general, it is the executor’s responsibility to ensure the...May 7, 2015 | Tax Planning
Many times I’m asked, “How can I reduce my tax bill?” One of the best ways for small business owners to reduce their taxes is to create and contribute to a retirement plan. There are many low cost options available for small employers; however, I...Apr 21, 2015 | Tax Compliance
What happens if you receive correspondence from the Internal Revenue Service? In my experience, most taxpayers either panic or they ignore it. The very worst thing you can do is ignore the letter! Trust me, the IRS won’t magically go away. The folks...