Dirty Dozen Tax Scams   The IRS recently released its annual list of “Dirty Dozen tax scams”. Please review the following twelve scams and beware they are on the rise.   Telephone scams: Over the past few years there has been a rash of bogus phone calls by people impersonating IRS personnel. These people threaten […]

Tax Free Fringe Benefits   The tax code has certain types of income that is tax free to the recipient and is fully deductible by the employer. This type of income is called tax-free fringe benefit income. There are various types of fringe benefit income which fall under Code Section 132 of the IRS code. […]

Home Office Deduction One of the most over looked deductions is the home office deduction. Many years ago when the home office deduction was placed into law it was a high audit target for the IRS because is it was abused and many taxpayer’s did not understand the requirements of the deduction and how to […]

Is Tax Planning for You? For the majority of taxpayers tax planning is not a requirement. Most taxpayers have basic tax situations in which they are an employee and have a W-2, some investment income, and maybe a few deductions. In those cases tax planning is not warranted. However, there are some taxpayers that do […]

Passive Losses As a taxpayer you have many types of losses that you can deduct on your tax return. These losses can be in the form of capital losses, ordinary losses, casualty losses, and passive losses. Of these types of losses one of the most common is the passive loss and that is what is […]

                                 Tax Record Retention The most frequent tax question I get asked is: How long do I need to retain my tax records? The answer I give is it depends on the type of tax records that you have but there are some general rules of thumb that most taxpayer’s should adhere to. […]

Tax Free Fringe Benefits   The tax code has certain types of income that is tax free to the recipient and is fully deductible by the employer. This type of income is called tax-free fringe benefit income. There are various types of fringe benefit income which fall under Code Section 132 of the IRS code. […]

Newsletter – January 2016   How health insurance will affect 2015 individual income tax returns   The Affordable Health Care Act of 2010 is now in full swing. Many of the provisions affecting an individual taxpayer’s income tax return took effect in the 2014 tax year. In 2014 all individual income taxpayers were required to […]

2015 Tax Extenders   On December 15th Congress extended certain tax bills that had expired on January 1st 2015 and made them retroactive to January 1st. Some of the extenders were made permanent and some were made temporary. What follows is a summary of the more important tax extenders that will affect the 2015 tax […]

                                              5 Quick Tax Perks: Put Spouse on Payroll Does your business need trustworthy and reliable employees? You may not have to look any farther than across your dinner table.   Strategy: Hire your spouse to work as an official employee. Why put your spouse on the payroll? Because you can gain five tax benefits: […]

                    Cancellation of Debt Income   The past few years have been a financial struggle for many taxpayers. With the financial meltdown of 2008 came a wave of bankruptcies, foreclosures, short sales, and other types of discharged debt. These forms of cancelled debt also brought about tax consequences that many taxpayers were not aware of. […]

    Dirty Dozen Tax Scams   The IRS recently released its annual list of “Dirty Dozen tax scams”. Please review the following twelve scams and beware they are on the rise.   Telephone scams: Over the past few years there has been a rash of bogus phone calls by people impersonating IRS personnel. These people threaten […]