IRS & Tax in the News

Tax Deduction / Minimization Tips

Want to Deduct Business Clothing?

Want to deduct business clothing? Well, it ain't easy. The Tax Court has decided another case in an unfavorable fashion concerning a tax deduction for clothing for a Ralph Lauren salesman.  In Barnes v. Commissioner, [...]

Business Tax Planning|

The 2019 Taxpayer Roadmap

Ready for your 2019 Taxpayer Roadmap? You filed your tax return and paid the amount due (or received your refund). You are now done with the IRS. Maybe. Maybe not. If the IRS decides to [...]

Estate Taxes: Beware the State Tax Bite

Estate Taxes:  Beware the State Tax Bite Under the current federal tax laws, nearly every American family will be spared from estate taxes upon death.  That is because there is a  current exemption amount of [...]

Personal Tax Planning|

IRS Audit Rates Drop Dramatically (Again)!

IRS audit rates drop again! Here are some numbers from 2017 to 2018: Adjusted Gross Income           Returns Filed       Audit Rate (2018)(%) All returns                                100.00                  0.59 No adjusted gross income         [...]

Miscellaneous|

Beware the 2019 Tax Scams!

Yes- beware the 2019 tax scams! Every year the IRS publishes its list of the "dirty dozen" tax scams. While many of these are familiar (as they have appeared in the past), it is important [...]

Tax Planning for Retirees & Charitable Giving

Tax Planning for Retirees & Charitable Giving Retirees (over 70 1/2 years old) can obtain a tax benefit from charitable contributions even if they can't itemize deductions! It's been estimated that the number of people [...]

Personal Tax Planning|

How to Obtain the New 20% Tax Deduction for Rental Properties

How to Obtain the New 20% Tax Deduction for Rental Properties New Section 199A of the Internal Revenue Code gives many business owners a 20% personal tax deduction from the overall net income of the [...]

Business meals- are they still tax deductible?

Business meal expenses and tax deductions for businesses The 2017 tax bill impacted businesses in many ways, many positive.  However, one very negative feature of the bill was the elimination of a tax deduction for [...]

Business Tax Planning|

Using Gifts and Roth IRAs to Achieve Major Tax Savings

­Using Gifts and Roth IRAs to Achieve Major Tax Savings Here is the scenario: Matt is 17 years old and earns $6,000 during 2018 in wages from summer and after-school jobs.  With the earned income, [...]

Personal Tax Planning|

Making Weight Loss Programs Tax Deductible

Making Weight Loss Programs Tax Deductible   In general, the costs associated with diets are not tax deductible.  For instance, the costs of special diet foods, meal replacements for lower calorie foods, supplements and other [...]

Personal Tax Planning|