Waiver of Penalty for Withdrawals from Retirement Accounts??

by Bill Houston | Mar 23, 2020 | Coronavirus

The Senate relief package that is currently stalled in the Senate has as one of its features a proposal to waive the 10% penalty for early withdrawal of up to $100/000 from qualified retirement accounts for coronavirus-related purposes. Individuals who are eligible...

Tax Treatment of Virtual Currency Charitable Donations

by Bill Houston | Feb 7, 2020 | Cryptocurrency

The IRS is beginning to aggressively pursue taxpayers with virtual currency transactions. Some of you may have received a letter from the IRS with varying degrees of threats regarding tax returns filed that show no virtual currency (bitcoin type) transactions when...

Deduction For Mortgage Insurance Premiums Reinstated- RETROACTIVELY

by Bill Houston | Feb 2, 2020 | Reduce Your Taxes

You might recall that the deduction for mortgage insurance premiums died as of Dec 31, 2017. You weren’t allowed to claim those premiums as part of your 2018 itemized deductions. Many people missed this because the doubling of the standard deduction (from $6000...

Converting Your Business to an S Corporation

by Bill Houston | Jan 27, 2020 | Business Deductions, Reduce Your Taxes

There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...

Add a Home Office to your business return to increase deductible mileage.

by Bill Houston | Jan 17, 2020 | Business Deductions, Uncategorized

A home office can eliminate the ‘commuting’ portion of your trip, adding additional deductible business miles each day. Is it worth it? You bet. An additional 30 mile round trip can add up to over 4000 additional deductible business miles a year worth...