Tax Season Tips

  Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year.  The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the[…]

Itemized or Standard Deduction?

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, which requires a Schedule A to be filed. Home mortgage[…]

Tax 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 individual tax return. I once had someone ask me if a new[…]

Tax 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 individual tax return. I once had someone ask me if a new[…]

Weight Watchers Update

I met my goal weight of 133 a year ago today.  It was a 50 pound weight loss!  I attained lifetime status with Weight Watchers six weeks after attaining my goal weight and maintaining the weight loss.  I weighed in today and still well under my goal weight, total weight loss of 60 pounds.  Amazing,[…]

Expired Tax Provisions Receive a Retroactive “Stay” from Executioner

Congress passed, and the president signed into law, the Tax Increase Prevention Act of 2014, which has given a retroactive one year “stay” to many popular tax deductions for both individuals and businesses. The law is retroactive to January 1, 2014. Section 179 and Bonus Depreciation Bonus depreciation receives a one year extension under TIPA[…]

New Retirement Option?

In his state of the union address on January 29, 2014, President Obama instructed the Treasury Department to create the myRA retirement savings account.  These accounts will be available before 2015.  As an update, President Obama’s budget, released on March 4 requires these accounts to be offered this year.  More on President Obama’s budget tax[…]

Taxation of Marijuana Brokers

With the legalization of marijuana in several states, I thought I would look into the taxation of these establishments and it turned out to be quite interesting.  Marijuana sellers must include their gross sales on their Federal tax return, but can only deduct the cost of the marijuana sold, cost of goods sold, against the[…]

License Plates

A couple of years ago, I decided to splurge a little and get license plates that say “Animal Friendly”.  I adopted my little Mollie, a black toy poodle, from Fuzzy Friends, and want to support the work of these no-kill shelters. Besides, it’s a cute license plate!  In Texas, these license plates cost an extra[…]