Effective with the 2018 tax year, the Tax Cut and Jobs Act (ACT) reduced the allowable deductions for individual taxpayers who itemized their deductions on Schedule A. (Note: If you did not itemize … [Read more...] about 2% MISCELLANEOUS TAX DEDUCTIONS – WILL YOUR TAXES INCREASE?
IRS Tax Planning Ideas, Tips & News
HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?
HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED? Many persons complain about the very low interest that money market accounts pay. While that is of concern, how many persons hold U.S. treasury bonds … [Read more...] about HAVE YOUR PARENTS’ U.S. TREASURY BONDS MATURED?
Why Holding Real Estate in a C Corporation Is a (VERY) Bad Idea
Classic Example of Double-Taxation with C Corps Holding real estate in a C Corporation (or an LLC taxed as a C Corporation) is generally a very bad idea from a tax perspective. Let’s … [Read more...] about Why Holding Real Estate in a C Corporation Is a (VERY) Bad Idea
New Partnership Audit Rules
New Partnership Audit Rules New Rules Became Effective January 1, 2018 If you are a partner in a partnership or in an LLC taxed as a partnership, you need to know that there are new IRS audit rules … [Read more...] about New Partnership Audit Rules
When is a Worthless Stock Worthless
When is a Worthless Stock Worthless Writing Off Worthless Stock Investments Nobody likes to see his/her stock investment decline in value. It is even worse when the hopefully next Apple or Google … [Read more...] about When is a Worthless Stock Worthless
Gig Economy Continues to Grow – Tax Trap for the Unwary
Gig Economy Continues to Grow Tax Trap for the Unwary For purposes of this posting, let’s define the gig economy as workers who are primarily freelancers or independent contractors who have chosen … [Read more...] about Gig Economy Continues to Grow – Tax Trap for the Unwary
