Author - Marissa Adler

What makes a lease a lease? – April 19, 2019

What can get truly ugly, my fellow taxpayers? A tax surprise! Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck. In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court ruled for the IRS. Good-bye, $28,749 tax deduction. SURPRISE!! Pertinent Facts The contract between Boyce and Dan Wiebold Ford Inc. was titled “Motor Vehicle Lease Agreement—Closed-End” and called for Boyce to Make fixed monthly payments [...]

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Until We Meet Again… – April 12, 2019

Hello My Fellow Taxpayers,   I am writing this email during a brief lull in my last minute craziness. There are only a few days left in tax season! However, I am still be overwhelmed with calls asking about filing tax returns. My question, “When can I get your paperwork?” Many say by Friday afternoon, so I tell them, we will have to file an extension and they hang up. Many of you that are already our clients have provided me your [...]

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Crypto, Extensions and more – April 4, 2019

April 4, 2019 What You Need to Know About Cryptocurrency and Taxes The IRS determines cryptocurrencies to be property, like stocks or real estate, you’ll need to pay taxes if you’ve realized a capital gain and you can lower your tax bill if you’ve taken a loss. Do I need to pay taxes on Bitcoin? That gain can be taxed at different rates. If you held a virtual currency for over a year before selling or paying for something with it, you pay [...]

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Extension – March 29, 2019

Hello Fellow Taxpayers, April 15th is only 18 days away and your tax return is due by midnight on the 15th. Just for kicks here is a list of the 10 most popular reasons for filing late or not filing at all: 1. Laziness 2. Forgetfulness 3. Confusion 4. Death or Serious Illness of Taxpayer or Immediate Family 5. Invalid Advice From a “Competent” Professional 6. Active Duty Military Service 7. Incarceration 8. Ignorance 9. Destruction of Records 10. Belief That Paying Income Taxes is Voluntary Are you using one of these [...]

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Conclave – March 23, 2019

Hello Fellow Taxpayers, Even if you are not a college basketball fan, you may have noticed that the NCAA is starting their tournament to crown the 2018/2019 college basketball champions. Schools that win their conference (and there a load of them) automatically get a bid to the tournament. There is a committee that goes behind closed doors (not unlike a Conclave) and picks the remaining schools to come to a full 64 colleges. It is like selecting a baseball all-star [...]

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What’s in a name?- March 8, 2019

Hello Fellow Taxpayers, Have you ever gone to a restaurant and ordered a Coke, but the server said that they only had Pepsi? Unless you are my lovely wife who actually does not like Pepsi, do you usually say “Whatever”? Well, your name is very important when dealing in the tax game. When a client comes in, specifically a new client, they fill out the client profile and provide me with their driver’s license. We always ask for a copy [...]

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Back to Basics! – March 7, 2019

March 7, 2019 Back to Basics Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF is the head- honcho at SFS Tax & Accounting Services and has been preparing individual and business tax returns for over 40 years along with handling monthly booking, setting up entities, providing payroll and keeping his business clients compliant with state and federal taxes. As all business owners know, your business can easily wither on the vine if you don’t evolve and change with the times. Several years back, Jeffrey [...]

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CryptoCurrency – March 1 2019

Morning Fellow Taxpayers, I was going to write about Triple Net leases and how they generally don’t qualify for the 20% Qualified Business Income Tax Deduction (new §199A); However, Ali said what I wrote was way too complicated for this email. As such, she is going to publish it as a blog. If you or someone you know is a landlord and has tenants on a Triple Net Lease, they need to schedule a consult with their tax advisor or [...]

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8.4%?? – February 22, 2019

Hello fellow taxpayers 8.4%!!! What does this mean? If you have been listening to the news recently, all the pundits and the know-it-alls are telling anyone who will listen that the average taxpayer is getting 8.4% less on their refunds. Well, my fine fellow tax filers, it’s your own money. Let’s not forget that if you are getting a refund (not due to an extraordinary item), you paid too much. This money goes into the government war chest (or “wall” chest); [...]

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