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Consider Checking Your Payroll Withholding
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund [...]
Facebook’s New Crypto “Libra” Explained
As posted to the Ben Swann YouTube Channel on 6/18/19 Facebook's New Crypto "Libra" Explained Investigative journalist Ben Swann gives his take on how Facebook's new crypto "Libra" is not actually decentralized. Plus, it's been established with a "pay to play" scheme for governence of the coin. The players are Facebook, Uber, Lyft, Spotify Visa, [...]
How to Spot Influencer Fraud
To increase brand awareness and influence consumer behavior, businesses of all sizes spend vast amounts on social media marketing. Social media “influencers” can help companies reach and engage customers. But not all influencers operate above board. Here’s how to spot influencer fraud. And in so doing, avoid hiring or associating with a dishonest influencer. How [...]
Hire Your Children This Summer
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll [...]
Make Health Care Decisions While You’re Healthy
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is [...]
Estate Planning for Single Parents
Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is involved, [...]
Ordinary and Necessary Business Expenses
If you've read the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of §162. It [...]
Uncover Bogus Résumé Claims
Job applicants aren’t always honest on their résumés. As such, it's critical that you uncover bogus résumé claims. If you don’t investigate suspicious claims, you might end up hiring an unqualified and unethical employee — which could lead to financial, productivity and legal liability issues. The résumé fibber might also be more likely to commit [...]
Tax Savings for Electric Vehicles
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing. This is especially true in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for tax savings for electric vehicles. A federal income tax credit [...]
Employee vs Independent Contractor
Employee vs Independent Contractor is an age old question. Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their [...]
Types of Life Insurance Owners
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern for many families. Nonetheless, life insurance offers many benefits for nontaxable estates. But who should [...]
Millennial Money: Like Trump, Robert Kiyosaki Doesn’t Pay Taxes Either
Robert Kiyosaki doesn't pay taxes during his life Robert Kiyosaki doesn't pay taxes during his life. In this installment of Millennial Money, Robert put forth his opinion that the self-employed are working for tips. A real estate agent gets 6% . . . Robert tips his waiter 20%. Who’s more valuable he asks? By [...]
Checking on Your Tax Refund Status
It’s that time of year when many people who filed their tax returns in April are looking at their mail, bank accounts, and or otherwise checking on their tax refund status to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may [...]
The Forensic Accountants Role in Litigation
When people hear the term “forensic science,” they usually think “CSI.” What comes to mind when you hear the term “forensic accounting”? Similar to forensic scientists offering opinions about scientific matters, forensic accountants may be called on to investigate and serve as financial experts in commercial litigation. Here’s how. Who forensic accountants are Forensic accountants [...]
Casualty Loss Deductions Limited by TCJA to Federally Declared Disasters
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these casualty loss deductions much more difficult to take. What’s considered [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
