A taxpayer came to me today for verification on dependent care expenses. Their basic profile may be similar to yours. A husband and wife with two children in day care. The wife is a full time student that does not work outside of the house....
A new client came to me this week - husband/wife - filing a joint tax return. Their son a full time 21 year old student with some earned income but not enough to provide for over one half of his own support. The son meets...
This blog is my personal tax research tool. Pursuant to the rules of professional conduct set forth in US Treasury Circular 230 nothing contained in this blog was intended to be used by any taxpayer for the purpose of avoiding penalties that may be imposed by the...
This blog is my personal tax research tool. Pursuant to the rules of professional conduct set forth in US Treasury Circular 230 nothing contained in this blog was intended to be used by any taxpayer for the purpose of avoiding penalties that may be imposed by the...
The Taxpayer Advocate Service (TAS) at the Internal Revenue Service changed the cases it will consider going forward. As of essentially today IRS TAS will generally NOT accept cases involving problems in these four areas: 1. processing of original tax returns, 2. processing of amended returns, 3. Processing of...
You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be applied to your spouse’s past due financial obligations. For consideration of this nature you must have paid...
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 organizations or candidates. Regardless of the...
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. A farm includes livestock, dairy,...
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 it seems to only be...
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 among other things that he...