National Taxpayer Advocate Nina Olson’s mid-year report lays out the issues that she plans to address during the fiscal year ending September 30, 2019 (https://taxpayeradvocate.irs.gov/reports/fy-2019-objectives-report-to-congress/full-report). She al…
Now is the perfect time to perform a mid-year review of your business activity, including your tax liability. Staying on top of these five things throughout the year will help you save time, money and make tax time much smoother!
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Most tax reform bills affect a few people. Some bills may affect many people. This is the first tax reform bill most of us can remember that drastically changes the way every taxpayer in America has his or her tax liability calculated.
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For years, businesses were allowed to deduct 50 percent of the cost of business-related meals and entertainment on their tax returns. For some businesses, especially those that rely on entertaining clients, customers, and other associates to keep their…
One of the less talked about changes within tax reform is the end of the so-called Obamacare tax penalty. When President Trump signed the Tax Cuts and Jobs Act into action, the bill repealed the Affordable Care Act’s penalty by zeroing out the fi…
At the end of June, the IRS released an early draft of the newly revised Form 1040. If you’re not familiar with that term, Form 1040 is the standard tax form individuals use to file their income tax returns. For instance, if you itemized your ded…
If you want to lose weight, you may be able to take a medical expense deduction for certain costs. Remember that for 2018, medical expenses in excess of 7.5% of adjusted gross income are deductible as an itemized deduction if you don’t opt to take the…
If you run your business through an S corporation and it produces losses, you can deduct them on your personal return only to the extent of your basis in the S corporation’s stock and debt. When it comes to debt, two recent cases illustrate how you cr…
The U.S. Supreme Court has reversed a position it has held for more than 25 years and likely it will hit your pocketbook. Here’s what the case is about and how it may affect you.
In 1992, the Court said that a state could not require out-of-state sell…
The IRS may adjust interest rates for various purposes at various times. For example, the rates for overpayments and underpayments of tax are adjusted quarterly.
Interest rates for Q3 in 2018. The interest rates on overpayments and underpayments are u…
