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Tax Articles

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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Tax Benefits for Parents

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age…

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Forgiven Debt Exempt From Income Requires Tax Attribute Consideration IRS Form 982

If you are forgiven debt and that forgiven debt is not considered income then you should prepare and file IRS Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness. Generally, the amount by which you benefit from the discharge of indebtedness is included in your gross income.  However, under certain circumstances described in section 108 such as…

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