Self Employed Health Insurance Tax Facts

When signing up for a health insurance plan registered under your business, the business may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are

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Posted in Health Insurance, Self Employ

Foreign Earned Income – IRS Form 2555

IRS Form 2555, Foreign Earned Income Exclusion says basically that United States Citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when filing their

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Posted in Foreign Income

Expenses Disallowed by IRS become Constructive Dividends

One of the areas that the IRS more frequently becomes involved in deals with expenses that are deducted by a closely-held corporation. Many expenses are personal to the stockholder/employee. When the IRS reviews such expenses and disallows the expenses for

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Posted in Disallowed Expenses

How Can Someone Legitimately Deduct the Cost of a Ski Trip

So in that I'm a self professed ski bum I often get asked on the chair lift by total strangers how someone can legitimately deduct the cost of s ski trip on their taxes.  Today for some strange reason I

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Posted in Deductible Expense

Alternative Minimum Tax (AMT) IRS From 6251

It is blowing my mind how many people this year have become unwittingly liable for the Alternative Minimum Tax.  Good people who thought they had been withholding enough taxes now find themselves owing big. The people hit the hardest seem

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Posted in Alternative Minimum Tax (AMT)

Protecting Yourself in IRS Collection Matters

The key to slowing down or even preventing the IRS from taking enforcement action is to make certain the IRS representative you are working with places the installment agreement proposal in “pending” status. In order for an installment agreement proposal to

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Posted in IRS Collections

Can a Personal Service Corporation (PSC) elect Sub-chapter S Status? IRS Form 2553

This is a GREAT question that I've been getting lately. The basic answer is - as ALWAYS - it depends. Internal Revenue Code (IRC) 448(d)(2) defines a qualified personal service corporation as an entity where substantially all of the activities

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Posted in Personal Service Corporation, Sub-chapter S

IRS Appeals – Innocent Spouse Claims

This is an overview of actions the Appeals Officer takes during IRS Appeals consideration of an innocent spouse case. It references the IRS IRM 25.15.12.10.  The IRS Appeals Officer is to consider the facts and circumstances of the case and

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Posted in Innocent Spouse Relief, IRS Appeal

IRS Innocent Spouse Consideration – Form 8857

By completing IRS Form 8857 (Request for Innocent Spouse Relief) the innocent spouse is attesting he or she should not be held responsible for the other spouse’s liability. If approved, it does not eliminate the liability; it effectively transfers all of it to the

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Posted in Innocent Spouse Relief

Injured Spouse IRS Form 8379 Explained

IRS Form 8379 (Injured Spouse Allocation) helps calculate the allocation of income and tax liability to each spouse for the purpose of determining how much of an overpayment should be applied to a spouse’s liability and how much is refunded to the non-liable spouse. For

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Posted in Injured Spouse Relief
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