Weekly Letters

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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); [...]

Read more...

1099? – February 15 2018

Hello Taxpayers! Over the past week or so, several new clients have come in. Each handed me ONE 1099-MISC. This form showed an amount in Box 7 (“Non-employee Compensation”), which indicates that they were treated as independent contractors and not employees. So before I went through my litany of questions such as what type of expenses they had, I confirmed with them that they only worked for this one company as they gave me just ONE 1099. It is apparent [...]

Read more...

“GOAT”- Best EA- February 5, 2019

Hello Fellow Taxpayers, Well, the GOAT has done it again. Though it was not the best played Super Bowl of all time, the best quarterback and maybe the best head coach of all time, won their 6th championship, more than anyone else. Also, they are both, the oldest to have done so. The point, my friends is that there is hope for us to succeed, no matter how old we are. We can always do better at our jobs, our relationships [...]

Read more...