IRS Publication 526 – Charitable Contributions

This post is a brief review of IRS Publication 526. Basically if your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Don't get duped.  You cannot deduct contributions made to specific individuals, political

Tagged with: , , , , , ,
Posted in Charitable Contribution

IRS Publication 225, Farmer’s Tax Guide

This post is a brief overview of IRS Publication 225, Farmer’s Tax Guide. According to this IRS Publication you are in the business of farming if you cultivate, operate or manage a farm for profit, either as an owner or a tenant.

Tagged with: , , , , ,
Posted in Farm Tax

How to Report Your Child’s Investment Income

If your minor child has been blessed with the opportunity to be endowed with income producing investments be wary as I have witnessed this can indeed become a curse for you on many levels. As if parenting isn't hard enough

Tagged with: , , , , , ,
Posted in Child Tax, Children

IRS and Medical Marijuana Dispensaries – Olive v. Commissioner

Dispensary owners now finally have some precedent to follow in arriving at federal taxable income. In Olive v. Comm'r, 139 T.C. No. 2 (8/2/12), Mr. Martin Olive the owner of an operation called the Vapor Room was required to prove

Tagged with: , , , , , ,
Posted in Marijuana

IRS Publication 587: Business Use of Home

I am not a big fan of this deduction for a wide variety of reasons but mostly because there can be a substantial administrative burden associated with recapturing depreciation expense taken in previous tax years upon the sale of one's

Tagged with: , , ,
Posted in Home Office, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

What $$ IS Taxable: IRS Publication 525

I've been engaged in a running dialog with extraordinary nuances as to whether a loosely organized group of people are or are not fully recognizing taxable revenue from engagement in barter transactions with each other. The nuances inside this topic

Tagged with: , , ,
Posted in Barter, Gift Tax, Income, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Records, Taxable Income

IRS and Federally Declared Disaster Areas

People living in a federally declared disaster area are entitled to a wide variety of tax benefits. Around the Nation provides IRS news specific to local areas, primarily disaster relief or tax provisions that affect certain states. 2012 federally declared disaster areas

Tagged with: ,
Posted in Disaster Loss, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

Non-business Energy Vs. Residential Energy Efficient Property Tax Credits – IRS Form 5695

The most important thing to remember about the non-business energy property credit and the residential energy efficient property credit is that not all energy-efficient improvements qualify so be sure you have the manufacturer’s tax credit certification statement IN YOUR TAX

Tagged with: , , ,
Posted in Energy Efficient Tax Credit, IRS Audit, Tax Credit

IRS Stakeholder Liaison Meeting Summary

The following are the notes from the most recent IRS Stakeholder Liaison Meeting held in Denver Colorado as prepared by IRS Senior Stakeholder Liaison Deborah Rodgers Michael Shuler,  Local Taxpayer Advocate Nina Olson, the National Taxpayer Advocate’s (NTA) objectives report

Tagged with:
Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Taxpayer Advocate

IRS Forms 8941 + 3800 Calculating + Claiming Small Business Health Care Tax Credit

For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of

Tagged with: , , , , ,
Posted in Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Tax Credit
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification

Xero Certified Adviser