Tax Season is Over? Most taxpayers have been fooled by the IRS. Most people have been fooled into thinking the tax year ends on April 15, when they file their tax returns. I’m here to tell you it just ain’t so. For smart taxpayers the tax [...]

HOW SMART TAXPAYERS PLAN Many people hear about the rich and marvel that the rich seldom pay taxes. “How do they do it?” you wonder about the rich. “How do they make scads of money and not pay tax?” Well, the answer can be summed up [...]

Was Today’s Lunch Deductible? The Mystery of Per Diem Revealed Away From Home Expenses A deduction is allowed for ordinary and necessary traveling expenses incurred by a taxpayer while away from home in the conduct of a trade or business ( Code Sec. 162(a)(2); Reg. [...]

Offset Education Costs Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. You may be able to subtract [...]

Beware the Payroll Tax Trap This week (so far) has been about payroll taxes around our office. Clients come to us from all over the U.S. with payroll tax horror stories. So here are some ground rules and insights into the topic. First, using withheld payroll [...]

Beat the Payroll Tax Penalty - How It’s Done Payroll tax penalties, IRC §6656, can be devastating. A payroll penalty usually hits businesses that can least afford them, new business and businesses with weak cash flows. There are things businesses can do to [...]

Save Big Money With A Medical Expense Reimbursement Plan Business owners who operate under an entity structure that includes a C corporation have reason to celebrate. The IRS has announced a new policy that makes one of the best tax shelters in the [...]

HOW TO DEDUCT CAR/TRUCK EXPENSES THIS YEAR As part of an ongoing effort to make a dent in the estimated $30 billion of annual tax revenue lost as a result of overstated deductions, credits and exemptions, the IRS has issued a fact sheet that [...]

How To Sell Your Home and Avoid Tax If you anticipate selling your home in the near future, you may benefit from the exclusion of gain on sale of principal residence. Qualifying taxpayers may exclude up to $250,000 (or $500,000 for qualified spouses [...]