Tag - taxes

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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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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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 [...]

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Patriots & Ram’s, Oh My!- January 25, 2019

Howdy folks, Ali is home-bound and recovering. She saw her doctor on Tuesday for a post-op, and all is going according to plan. Man-Servant Jeff is doing what he can to make her a little more comfortable, but stubborn Ali still has to do things on her own and not rest (except after taking a pain pill, then nighty-night). The Super Bowl participants are set. The Patriots won in OT over the Chiefs. I hate to say it but, The GOAT, [...]

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6 Ways to Get Your Tax Refund Faster

6 Ways to Get Your Tax Refund Faster As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the funds needed to pay your tax bill. Meanwhile, here are things you can do now to get [...]

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Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer’s bottom line and its employees’ deductions. We’ve decided to explain how the changes will affect employers: Entertainment Expenses & Deduction for Meals The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges, theaters, [...]

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Salvage Your Sunken Uncollectable Debt

Salvage Your Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS [...]

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Small Businesses: Tax Tips for the Freelancer

Small Business: Tax Tips for the Freelancer If you are an employee, you most likely pay little attention to your taxes until the end of the year. You get your paycheck, your employer does a lot of the work for you and you receive a W2. However, if you are a freelancer or self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to [...]

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IRS Extends Deadlines for Victims of Hurricane Michael

IRS Extends Deadlines for Victims of Hurricane Michael Hurricane Michael victims in parts of Florida and elsewhere now have until Feb. 28 to file certain individual and business returns and make certain tax payments. Individuals who reside or have a business in Bay, Franklin, Gulf, Taylor and Wakulla Counties may qualify for tax relief. Taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same relief. If you need assistance, contact your enrolled [...]

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