by | Oct 4, 2012 | Current Affairs, Income Taxes
Massive $494 Billion Tax Increase Coming in 2013 If President Obama and a lame duck Congress fail to act before January 1, 2013, a huge, totally unprecedented tax increase will hit all taxpayers. Federal Reserve chairman Ben Bernanke called it a “massive fiscal...
by | Oct 2, 2012 | Business Success Series, Current Affairs, Income Taxes, Small Business Owners, Small Business Success Series
When I heard President Obama tell a crowd in Roanoke, Virginia on July 13th of this year that no business owner had built their business without government help, I felt like the boy who asked his hero Shoeless Joe Jackson to reassure him that he wasn't a...
by | Sep 19, 2012 | Income Taxes, Tax Tip of The Week
A taxpayer made a contribution to her church’s scholarship fund. She wanted it to be used to pay the tuition of the minister’s daughter. The IRS determined that the contribution was really a gift from her to the minister’s daughter. Accordingly,...
by | Sep 6, 2012 | Income Taxes, Tax Tip of The Week
A casualty loss is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Deductible losses include car accidents, fires, floods, storms, thefts, vandalism, tornados, etc. Non-deductible losses that...
by | Aug 23, 2012 | Income Taxes, Tax Tip of The Week
A recent tax court case stated that a man could not offset other passive losses with net rental income from a property he rented to a closely held corporation in which he worked more than 500 hours per year. This is a special rule that treats the net rental...
by | Aug 16, 2012 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
A reminder to employees about taking business expenses on Schedule A: Any expenses that an employer would have reimbursed are not deductible according to the Tax Court (Stidham, TC Summ. Op. 2012-61). In that case, a taxpayer listed business expenses such as overnight...
