IRS & Tax in the News

Tax Deduction / Minimization Tips

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|

IRS Targeting S Corporations in new Audit Program

IRS Targeting S Corporations in new Audit Program The IRS has been targeting S corporations for many years, often to determine if the corporate shareholders are properly reporting all income on their personal tax returns. [...]

Tax Planning Tips for Businesses and the New Section 199A.

Tax Planning Tips for Businesses and the New Section 199A. The IRS has recently issued 184 pages of regulations concerning a few provisions of the brand-new (in 2018) Section 199A of the Internal Revenue Code.  [...]

Business Tax Planning|

Paying Management or Consulting Fees from one of your Businesses? Beware the Tax Rules

Paying Management Fees from one of your Businesses? Beware the Tax Rules A recent Tax Court case (Little Mountain Corporation v. Commissioner) had to deal with a family that owned several different businesses (with common ownership). These [...]

New Tax Issues for Online Retailers

New Tax Issues for Online Retailers If you sell any products (but not services) via your website, you may now have additional tax issues concerning sales taxes.  Considering the recent US Supreme Court ruling, online [...]