DONATIONS: If you are 70 1/2 or older, consider making the donation from your IRA. You can transfer up to $100,000 annually from a traditional IRA directly to a charity. The charitable transfers count as all or part of your required minimum distributions, but unlike other IRA payouts, these direct gifts are not added to […]
Very few people love bookkeeping. What a shame. However, if you do love bookkeeping then you should get out of your business and be a bookkeeper. Otherwise, get out of bookkeeping and focus on your business.
THE GOOD. Minority interest in surgery center:The court allowed the taxpayer to report income earned through his minority interest in a surgery center as passive income not subject to the self-employment tax. Acting on his CPA‘s advice, the surgeon reported his income from the surgery center as passive income. This allowed the doctor to offset […]
I was talking to a new client earlier this week about getting her tax information to me, so I could prepare her last three years of tax returns. (Stop snickering!) My client told me that her prior “CPA” had her records but that she had disappeared.
There seems to be much confusion on the home office deduction. I don’t understand why when the IRS regulations are so well written and logical. LOL.
Protecting your identity is becoming more important and harder to do each year. I have listed some relatively simple common-sense steps to take to help you accomplish this daunting task.
Do you have a large potential gain in a business or investment real estate holding you would like to sell? Are you also planning on purchasing additional real estate? Then a like-kind exchange under IRC Section 1031 may be for you!
The United States annual federal deficit is currently over $650 billion. Although not as high as it was during the 2009 through 2012-time period, it is escalating the federal debt to new heights. The federal debt has ballooned to well over $20 trillion. Everyone agrees we need to get our deficits under control. However, that’s […]
Spoiler Alert! You will still pay income taxes in retirement!
Let these three suggestions help you avoid mistakes that can cost you thousands of dollars. Your tax professional is in a unique position to steer you clear of potential tax pitfalls. Abide by these suggestions to avoid expensive mistakes.