Deduction for office supplies still available

Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy […]

Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for innocent spouse relief. In one case, the U.S. Tax Court ruled that a wife wasn’t entitled to relief from tax liability with her husband. She didn’t prove that she was unaware of tax […]

What is deductible?

Taxpayers can deduct all “ordinary and necessary expenses” paid in carrying on a trade or business. But they must prove that they’re entitled to the deductions claimed. In one case, the U.S. Tax Court ruled a married couple wasn’t entitled to deduct various business expenses for which they offered no valid or insufficient substantiation. For […]

Would Americans Make Charitable Donations without Tax Incentives?

Would Americans Make Charitable Donations without Tax Incentives? https://bit.ly/3hQJK6j

Merry Christmas

Joy and blessings, from our family to yours, this Christmas and every day.Merry Christmas!

Taxes in Everything: Die Hard Edition

Taxes in Everything: Die Hard Edition https://bit.ly/3Vrb3Sp

Fraud Alert!

It’s holiday time, but not everyone is sharing goodwill. Thieves are hoping to catch people off guard and a favorite target is senior citizens. Next month, the 2023 cost-of-living adjustment (COLA) rolls out automatically to Social Security (SS) recipients. But thieves have been using phone calls, texts and email to contact seniors, impersonating government agents. […]

Excise Taxes and Fees on Wireless Services Increase Again

Excise Taxes and Fees on Wireless Services Increase Again in 2022 https://bit.ly/3HXtOKq

Secure Act 2.0 update

A new law aimed at bolstering retirement saving is closer to becoming reality after two years of fine tuning. The Securing a Strong Retirement Act of 2022 (Secure Act 2.0) is part of the omnibus spending bill that Congress is taking up before year end. This version was approved last spring by the U.S. House […]

Guidebook to IRA tax incentives released

The White House has released a comprehensive guidebook to the Inflation Reduction Act’s clean energy and tax incentives. It provides an overview of related programs and explains who’s eligible to apply for funding and for what activities. For example, several provisions encourage businesses to invest in communities most in need of new economic development. Consumer […]