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Is Your Business Considered a Hobby by the IRS?

Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific...

Gift Taxes: Do They Matter to You?

Clothing. A gold watch. A $100 gift certificate in a greeting card. These are some of the types of gifts that most of us give to others, and let’s face it – with gifts like that, the majority of us won’t ever need to worry about filing a gift tax return or paying any...

Changes in Itemized Deductions for Individuals in 2018

There are numerous changes effective for tax year 2018 that will affect taxpayers who normally itemized deductions. Here is a summary of the changes. Taxes In 2017, property taxes, and state and local income taxes were deductible. Taxpayers can elect to deduct sales...

New Tax Brackets in 2018

The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals: Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050...

Saving for Retirement: So Many Choices

Saving for retirement is very important, since the average American spends 20 years in retirement.  Everyone needs to make saving for retirement a priority, especially since we are living longer with healthier lifestyles and medical advances.  And, we all know that we...

The Home Office Deduction: Regular Method

Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true! 2017 is the last tax year that you can take a home office deduction since the Tax...

IRS Audits: What Do You Do?

Overview:  If you receive an audit notice from the IRS, do not panic.  First, read the letter completely through to see what they are auditing.  If you can handle the audit yourself, without getting emotional or defensive (or rambling), then do so.  If you don’t have...

Record Retention…When to Keep, When to Shred

Do you know how long you are supposed to keep documents?  Do you know when it’s safe to shred?  Having this knowledge is the first step to good recordkeeping. By following these guidelines, you can keep your documents and files organized and updated. Avoid keeping...

Does the American Dream Still Include Home Ownership?

Even after a devastating housing crash, the majority of Americans have not given up the idea that home ownership represents their economic dream. When a builder plans to build a home, does he not consider the cost?  Before you purchase, you should make sure you really...

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