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Tax Articles

Form 4361, Application for Exemption From Self-Employment Tax for Use by Minister, Members of Religious Orders and Christian Science Practitioners.

Filing IRS Form 4361 will not prevent collecting Social Security on the amounts earned prior to becoming an ordained minister or any additional non-ministerial self-employment income or wages. Form 4361 applies only to services as an ordained minister. The form contains a statement that the taxpayer is conscientiously opposed, for moral or religious principles, to…


SUV’s and Depreciation

In Revenue Procedure 2003-75, the IRS announced a separate set of luxury car depreciation limitations for trucks or vans that do not have a gross vehicle weight in excess of 6,000 pounds. In that revenue procedure, the IRS stated that the term “trucks and vans” referred to passenger automobiles that are built on a truck…


Kiddie Tax

If your child has unearned income (interest, trust payments, or just about anything other than earnings at a job), your child will have to pay the so-called “kiddie tax” at your highest marginal tax rate. The threshold amount for the kiddie tax has been increased to $1800 in 2008 and $1900 in 2009.

Paying the babysitter

If you have a nanny or a cleaning service, the annual threshold amount for having to report and pay employment taxes is $1,600 for 2008 and $1,700 for 2009. If your yearly payments to any one domestic employee exceed these amounts, you have to report withheld income and social security taxes on your individual tax…


Phase out of itemized deductions + personal exemptions

If you bump up against certain income thresholds, your itemized deductions and personal exemptions start disappearing. The reduction does not apply to deductions for medical expenses, investment interest, nonbusiness casualty and theft losses, and gambling losses. Luckily, these thresholds are increased each year for inflation. For 2009, the applicable amount is $166,800 for married couples.…