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...

Are 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...

Filing 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...

Tax Reform is probably real

With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%.  If this...

IRS FORMS 1099-MISC DUE EARLY IN 2017

For small business owners, you should be aware that the IRS has moved up the filing due date for 1099-MISC forms that report non-employee compensation in Box 7.  The new due date is January 31st, the same as the date the forms are supposed to be issued to recipients....