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Tax Deductible Teacher Expenses
With the school year now in full swing, teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. What are tax deductible teacher expenses? For 2019, [...]
Chris Martenson on the Economy Triple Header
As posted to the GoldSilver YouTube Channel on 10/9/19, 10/10/19 and 10/11/19 Chris Martenson on the economy from his home in Massachusetts with Mike Maloney of GoldSilver.com: Part 1 - End of the "Everything" Bubble In this first of a series of three videos, they discuss the general state of the economy since the last [...]
Health Care Fraud is Alive and Well in America
Even if you haven’t heard much about it lately, know this: Health care fraud is alive and well in America. Here’s a roundup of recent stats, law enforcement initiatives, common fraud schemes and how you can help prevent these crimes. Just the facts During fiscal year (FY) 2018, the Health Care Fraud and Abuse Control [...]
Tax Implications of Company Cars
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent [...]
Taking Traditional IRA Distributions
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for taking traditional IRA distributions. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family will [...]
Should You Elect S Corporation Status?
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But [...]
Beware Pump and Dump Schemes
When the value of a stock skyrockets, its investors may think they’ve hit the jackpot. But if the stock in question is part of a “pump and dump” scheme, investors may, in fact, lose their shirts. Here’s how to avoid getting taken by this type of investment fraud. Beware pump and dump schemes! A penny [...]
A Poorly Worded Apportionment Clause Can Upend an Estate Plan
Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose estates may be subject to hefty estate tax bills. If you expect your estate to have significant estate tax liability at your [...]
Innocent Spouses May Get Tax Relief
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes [...]
Steps to Take if an SSA No-Match Letter is Received
What should you do if an SSA no-match letter is received by your business? In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on [...]
Q4 2019 Business Tax Calendar
Here are some of the key tax-related deadlines affecting businesses and other employers to add to your Q4 2019 business tax calendar. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact me to ensure you’re meeting all applicable deadlines and to learn more about the [...]
Catching Revenue Recognition Fraud
Early revenue recognition has long accounted for a substantial portion of financial statement fraud. By recording revenue early, a dishonest business seller or an employee under pressure to meet financial benchmarks can significantly distort profits. Fortunately, fraud experts have tools for catching revenue recognition fraud. Multiple methods Early revenue recognition can be accomplished in several [...]
Understanding the Contents of a Will
You probably don’t have to be told about the need for a will. But have you taken the time for understanding the contents of a will? Do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. [...]
“Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made [...]
Tax Implications of Gambling Winnings
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. So, what are the tax implications of gambling winnings? TAX IMPLICATIONS OF GAMBLING WINNINGS: WINNING AT GAMBLING Whether you win at the casino, a bingo hall, [...]
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.
