The Affordable Care Act (ACA) has been quite controversial. One of the issues that the U.S. Supreme Court looked at is whether the ACA was a tax when deciding whether the ACA was constitutional. For … [Read more...] about AFFORDABLE CARE ACT – AFFORDABLE FOR WHOM?
IRS Tax Planning Ideas, Tips & News
ARE COMMUTING EXPENSES TAX DEDUCTIBLE?
While traveling from your home to your place of business is generally not tax deductible, there are exceptions. The three exceptions are: … [Read more...] about ARE COMMUTING EXPENSES TAX DEDUCTIBLE?
IRA Recharacterization – “Heads I Win, Tails You Lose”
For those of you who converted your traditional IRA to a Roth IRA in 2015 and are watching the market value of that IRA fall, there is relief available to you. You can reverse your previously made … [Read more...] about IRA Recharacterization – “Heads I Win, Tails You Lose”
ANNUAL PHYSICAL INVENTORY REQUIREMENT
When working with clients on tax preparation and tax planning, one of our focuses is to minimize the likelihood of an Internal Revenue Service (IRS) audit. It is surprising how many business owners do … [Read more...] about ANNUAL PHYSICAL INVENTORY REQUIREMENT
TAX PROBLEMS OF ACCIDENTAL AMERICANS
A tax attorney recently shared this story with us. It illustrates the complexity of the Internal Revenue Code and how ignorance of the tax laws can be devastating for someone who doesn’t use a tax … [Read more...] about TAX PROBLEMS OF ACCIDENTAL AMERICANS
PROFIT MOTIVE NEEDED TO DEDUCT TAX LOSSES
If you are using your tax professional only for tax preparation services, you are short-changing yourself. An experienced tax professional is an excellent resource for tax planning strategies. One … [Read more...] about PROFIT MOTIVE NEEDED TO DEDUCT TAX LOSSES
