News - John R. Dundon II, Enrolled Agent
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News

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death.  In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...

Many people suffer from Celiac's disease.  To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must have a documented reason to require the observance of a gluten-free diet, along with a physician's prescription to follow...

Everyday people misinterpret the tax code.  It does not matter if you are a bookkeeper, accountant, unlicensed tax practitioner, Enrolled Agent, CPA, tax attorney, or even a Tax Court Judge, the tax code is complicated and confusing and many of us struggle understanding it, much...

Tax day is upon us – remember to at least get you application for automatic extension request electronically filed or post marked today using IRS Form 4868 Keep in mind this extension request is for additional TIME TO FILE the income tax forms.  It is NOT a request for an...

According to IRS Rev Proc 2017-29 (assuming IRC 168(k) applies) 1st year magic numbers are: $11,160 for passenger autos $11,560 for Trucks and Vans The rev proc also details lease inclusion amounts. Be sure to understand whether additional first year depreciation deductions apply under Internal Revenue Code Section 168(k) We...