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The illusion of wealth

We have all heard of the phrase “fake it till you make it”.  Since I am one who gets to peer behind the curtain, I am still occasionally surprised by those who still fake it. One gentleman was recently bragging that since he was getting married he and his wife-to-be...

American Opportunity Tax Credit

The American opportunity tax credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. So in this court case the cost to become a...

Worker Classification Definition Factors

The IRS has three tests, for workers classification each made up of multiple factors. Behavioral Control covers facts that show if the business has a right to direct and control what work is accomplished and how the work is done, through instructions, training, or...

Worker classification

Worker classification continues to remains a priority for the IRS. The Service continues to seek back taxes and issue penalties to firms that have wrongly treated actual employees as independent contractors. Unreported and underreported employment taxes continue to...

Charitable Deductions

Surprise the IRS is looking for filers who claim large charitable deductions. In the case of the big-game hunter, who found out after he took a $1.45 million write-off for animal hides, skulls, horns and other hunting specimens he donated to charity. His stance was...

They givith and taketh away

The airlines have been implementing lower and lower fares; they can be good for consumers.  But to recoup those monies, we all need to beware of unexpected fees they are imposing when we travel on a basic economy fare. These new bare-bones fare, recently rolled out by...

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