Five Issues to Consider When Making Charitable Donations
Do you plan on making contributions to charity this year? If you're in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return. But the [...]
Joint Returns: Spouses Are Guilty Until Proven Innocent
When you got married, you knew it was for "better or worse." But you might not know about laws that hold you responsible if your spouse cheats on a tax [...]
New Tax Provisions Passed by Congress
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump [...]
Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people [...]
Adopting a Child? Bring Home Tax Savings with Your Bundle of Joy
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to [...]
IRS Updates Per-diem Guidance for Business Travelers and their Employers
Information form IRS.gov On November 26, 2019 the Internal Revenue Service issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue [...]
Home Office Deductions: FAQs
In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively [...]
Expanding a Corporate Business with a Tax-Free Merger
If a corporate business is seeking to quickly expand, it may be considering one of these options: Gaining control over another corporation's business (the target) indirectly via a merger transaction [...]
Beware of Deductions Claimed for Certain Business Expenses
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense [...]
Tips for Taxpayers Who May Need to Amend Their Tax Return
Although the IRS often finds and corrects errors during processing, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Here [...]
Why Buyers Love Asset Purchase Deals
Are you thinking about buying a business? How you structure the deal will affect the taxes owed by the buyer (you) and the seller (the other party). The Tax Cuts and [...]
Medical Expenses: What it Takes to Qualify for a Tax Deduction
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return, but the rules make it [...]
Get Ready for Due Diligence Long Before a Sale or Merger
It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be [...]
What is Your Taxpayer Filing Status?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When [...]