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Tax Articles

Bartering

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. However, the fair market value of the goods and services exchanged must be reported as income by both parties. A barter exchange functions primarily as the organizer of a marketplace where members buy and sell products and…

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Be Sure to Allocate Costs If You Share Ownership: US Tax Court Summary Opinion 2010-15: Sword v. Commissioner

Unless of course you are married and filing a joint tax return, whereby the IRS essentially classifies both individuals together as a single tax payer, you should take care to allocate costs equitably for items of shared ownership. In US Tax Court Summary Opinion 2010-15 (Sword v. Commissioner) the tax payer as parents took advantage…

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Breast Pumps and Supplies to Assist Lactation Are Now, Finally, Considered Tax Deductible Medical Expenses by the IRS – Announcement 2011-14

The Internal Revenue Service has concluded that breast pumps and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure or function of the body of the lactating woman.  Therefore, if the remaining requirements of § 213(a) are met (for example,…

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Estate Tax Planning Tips for 2011

The 2010 Tax Act extends to December 31, 2012, the income, estate, gift and generation-skipping tax provisions enacted during the administration of President George W. Bush (“EGTRRA”). For the two-year period beginning January 1, 2011, it reinstates the unified federal estate, gift and GST exemption, sets the exemption at $5 million and sets the tax…

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Medical and Dental Expenses

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of…

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