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The smell or appearance of money.

A few years ago I met and individual who was a guest at a networking event.  He was a definite self-promoter always looking for the next way to make money. At the meeting we were seated together and at some point he turned to me and asked why I was there? Before I...

Lose of Miscellaneous Itemized Deductions

There was a large subgroup of people who were able to itemize and deduct Miscellaneous Itemized deduction on their Schedule A after the expenses surpassed 2% of Adjusted Gross Income (AGI).  All of these expenses were eliminated as deductible under the new tax law. A...

Home Equity Line of Credit

Home equity line of credit (HELOC) is indebtedness defined as indebtedness other than acquisition indebtedness secured by a qualified residence. Meaning is does not include the original primary mortgage on your principal residence. According to the new tax law for the...

Alimony

Under the new tax law (TCJA) the reporting of alimony paid as a deduction from income on the 1040 has been eliminated. In conjunction payments for alimony or separate payments received are no longer required for inclusion of income on the recipient’s income tax...

Head of Household

Head of Household (HOH) is an option for a filing status for those who have a dependent child(ren). In prior years this status was not under fire, as the Earned Income credit, Child Tax credit or the American opportunity credit.  This has changed in tax year 2018. Now...

Recordkeeping

The basics framework for financial compliance is a company’s recordkeeping or bookkeeping.  Over my career I have been fascinated and surprised by how this is accomplished or not by some companies. We work with a multitude of different clients in a number of...

Hobby expenses

Under the recent tax reform law the ability to deduct hobby expenses on Schedule A have been eliminated.  But the necessity of reporting Hobby Income is still required. A client was sharing that someone they knew was selling product on Etsy and Craigslist(?) and was...

1023-EZ

While the IRS has streamlined the approval process for a Form 1023-EZ the forms need to be filled out with the intent of compliance. Some small groups that filed Form 1023-EZ are getting additional IRS scrutiny. To file Form 1023-EX the charities have to meet the...

Partial payments on back taxes

Surprise the IRS has broad discretion to allocate partial payments of back taxes. It can do so to its own advantage versus your, unless you state how to apply the payments. In a recent tax court case a couple who owed multiple years of income taxes hand-delivered a...

Unhappy employee

I have a client who is older and not happy with their current employer.  They initially thought that this was where they would spend their final working years.  But alas it would appear that this will not be the case. As part of a protected class, the employer is not...

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