IRS Tax Planning Ideas, Tips & News

It is important to learn from the mistakes of others. Detailed documentation of expenses is absolutely vital to sustain a tax deduction. In a recent Tax Court case (Charles F. Schuetze, TC Memo … [Read more...] about Business Owner Denied Repair and Maintenance Expenses

In the Tax Court case of Edgar Brown, several claimed expenses were addressed by the court. We will look at two of them, unreimbursed employee expenses and the home office deductions that were claimed … [Read more...] about IRS Imposes Penalty for Claiming Home Office

As a new business owner, you may find that it takes a couple of years to become established in your market place and to make a profit. While you are operating at a loss and wondering if and when your … [Read more...] about Legitimate Business Loss or Disallowed Hobby Loss

Do you want to reduce your PA personal income taxes? As a PA resident, your contributions to a 529 account may be tax deductible from your PA state income tax. Notice the use of the word “may” … [Read more...] about PA 529 Plan Contributions – Know the Rules

The IRS requires that as part of a professionally prepared tax return that the taxpayer review his/her return before it is e-filed. This review process is important because the taxpayer is signing … [Read more...] about Penalty for Failure to Review Your Form 1040

Since today is the due date for filing 2016 Form 1040, some taxpayers are going to find themselves worrying about filing their returns and paying the balance owed on 2016 taxes. Let’s attempt to … [Read more...] about Need To Make an IRS Tax Payment