2019-2020 Retirement Planning Contribution Limitations One of the most important business tax planning deductions comes in the way of retirement planning. The use of a retirement plan allows a business to claim a current year [...]
OK- so this is a bit offensive! According to the Tax Foundation, the average American will need to work until April 16, 2019, to pay off all taxes owed for 2019. And it makes a [...]
What is an Independent Contractor after California’s new Rules? What is an independent contractor? Traditionally, the difference between an “independent contractor” and “employee” has been a function of the amount of control the business exercises [...]
When Disaster Strikes: Tax Help with Records It may be a natural disaster (hurricane, fire, tornado, flood, etc.) or man-made (criminal activity, lost or misplaced, etc.), but records have a way of disappearing. This issue [...]
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, [...]
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 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 [...]
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 [...]
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 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 [...]