AFS Blog
Tax “Saving” Arguments that Never Work
The IRS was nice enough to compile a list of arguments that will never work. They are considered “frivolous”. The courts tend to agree and both tend to look at these strategies as willful attempts to evade or defeat taxes, often leading to increased... read moreHow to Lose 2 Valuable Deductions in One Step
2 of the most valuable deductions for home businesses are the mileage deduction and the home office expense deduction. Both of these can be lost by not understanding one simple rule, and that is your home office must be used exclusively for your business. That means... read moreAre Gifts of Cash to your Kids Taxable?
This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example. Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one... read moreDevastating Health Care Penalty for Small Businesses Abolished
Congress eliminated an IRS penalty on small businesses that was devastating to those that incurred it. On their own volition, the IRS decreed that any small business that reimbursed their employees for health care premiums could face a $100 per day per employee, up... read moreFiling Taxes After the Death of your Parent
We are sorry for any loss you have had. Having gone through the loss of parents recently, we understand what you are experiencing. This will seem hard but hopefully this overview will get you through the process. When any taxpayer dies, a final tax return should be... read moreHow Child Care Businesses can Increase their Tax Refunds
We do tax returns for a lot of child care businesses and many are not aware of this strategy to increase their tax refund. The IRS rules regarding depreciation of personal property are very lenient, with the proper documentation. Many of our clients don’t... read moreYear-End Small Business Tax Deductions
For all you small business owners, it is time to start gathering the paperwork so that you don’t miss any tax deductions for 2016. Here are some of the most common deductions available: Home office – a great way to move some personal expenses under the... read moreTransform your parents’ medical bills into tax-free retirement savings
This article is condensed from one by Brian Vnak published on Sept. 27, 2016 at www.Marketwatch.com. I love how people come up with these strategies. Granted, it only fits a narrow swath of society, but for those it fits, it is awesome. Our parents are aging and... read moreHow The Tax System Works
Even Einstein didn’t understand how taxes work. He is famously quoted as saying “The hardest thing in the world to understand is the income tax”. So, in a nutshell, here is how it all works… Add taxable income from all sources to figure total... read moreWill I owe taxes when I sell my home?
Will I owe taxes when I sell my home? This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married... read moreLet's Talk
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