Protect Yourself from Social Security Scams Scammers are pretending to be government employees. Scammers will try to scare you and trick you into giving them your personal information and money. They may threaten you or your family and may demand immediate payment to avoid arrest or other legal action. DON’T BE FOOLED! IF YOU RECEIVE […]
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The purpose of this post is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful business tax deduction
2019 Year-End General Business Deductions Read More »
Dear Client: You must consider the vacation home rules when you • rent a bedroom in your home and also use it personally, or • rent your beach home (or any other home you own) and also use it personally. Personal Use of the Dwelling Rent or use by relatives. Personal use includes more than
Renting Out your Home or Vacation Home? Read More »
When moving your retirement money to an IRA, you should follow this one rule of thumb. If you fail to follow the rule I’m about to reveal, you can face two big problems. • First, your check will be shorted by 20 percent. • Second, you will be on the search for replacement money. Here
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Tax Traps to Avoid in Retirement By Charles Sherry, M.Sc. “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.” It’s a quote that comes down to us from Benjamin Franklin, who uttered the phrase in 1789.
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The new tax law could affect how much tax someone should have their employer withhold from their paycheck. To help with this, the IRS urged taxpayers to visit the Withholding Calculator on IRS.gov. The Withholding Calculator can help prevent employees from having too little or too much tax withheld from their paycheck. Having too little
2018 New IRS Withholding Calculator and Article Read More »
As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is the ability to pick your travel destinations and
Proving Travel Expenses After Tax Reform 2018 Read More »
Here’s the updated strategy on deducting business meals with your clients or customers: deduct your client and business meals as if tax reform never took place. At first glance it appeared that the new tax law that went into effect on January 1, 2018 would disallow business meal deductions along with entertainment. Looking deeper it
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Mileage Log Required for Vehicle Tax Deductions When it comes to your tax records, there’s one record that you really must keep, and it’s easily overlooked. It’s the mileage log. In an IRS audit, the mileage log often creates the first impression of your tax records, and not having a good log is the biggest
The Unpardonable Sin in an IRS/FTB Audit Read More »
Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly. The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax
Tax Reform Changes the Alimony Game! Read More »