Monthly Archives: October 2014

Business Owners Beware – New IRS Matching Program

Beginning in 2012, banks, credit card companies, and other third-party organizations that settle transactions were required to file informational returns with the IRS that reported a business’s credit and debit card transactions and other electronic types of reportable income. The

Posted in Client Education

Some Tax Facts for Military Reservists

Members of theU.S. Armed Forces reserve component often have questions about the tax deductibility of expenses they incur as part of their service in a reserve unit.

Posted in Client Education

Getting Around the Kiddie Tax

Congress created the “Kiddie Tax” to prevent parents from placing investments in their child’s name to take advantage of the child’s lower tax rate. Kiddie Tax rules apply most often to children through the age of 17, although children aged

Posted in Client Education

Better to Sell or Trade a Business Vehicle?

When replacing a business vehicle, it does make a difference for tax purposes whether you decide to sell it or trade it for the replacement vehicle. If you sell a vehicle that was used for business, the resulting gain or

Posted in Client Education

How to Cut Your Utility Bills While Reducing Your Taxes

After installing solar or other alternative energy systems in their homes, taxpayers generally benefit from lower utility bills. Taxpayers may also see a lower federal income tax bill for the year of the installation. Through 2016, taxpayers get a 30%

Posted in Client Education

Alcoholism & Drug Addiction

Taxpayers are allowed a deduction for medical expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, the taxpayer’s spouse, or a dependent.

Posted in Client Education

Charity Purchases and Auctions

A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly

Posted in Client Education

Gambling Income and Losses

Generally, a taxpayer must report the full amount of his recreational gambling winnings for the year as income on his 1040 return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races, and casinos,

Posted in Client Education

Repeated Warning about Phone Scams

We have repeatedly warned clients about scams related to taxes. The problem has only gotten worse, so we feel obligated to issue another warning. The scammers out there are pretty sophisticated and are trying to steal your identity and your

Posted in Client Education

October 15th Extension Deadline Approaching

If you were unable to file your 2013 individual tax return by April 15th and filed an extension, you should be aware that the extension gave you until October 15th to file your return or face a late filing penalty,

Posted in News