Posts by Rick Howard
March Madness – Taxes & Traditions
March Madness: Taxes & Traditions March Madness comes in many forms. We call it “Tax Season” because it is a time of year… each year, and every year… when there is a season of abundance. There is so much work to do before the tax deadline. Like any season of harvest, you try to…
Read More5 Tips When Calling the IRS – How to Talk to a Real Person
If you need to call the IRS and talk to a person to get help, you most likely are already frustrated and stressed. Placing the call doesn’t help your anxiety level because it is easy to get lost in the myriad of automated responses… “Choose 1 for this”, “Choose 2 for that”, etc. Sometimes you…
Read MoreJoke :D “Top 10 Reasons to Prepare Your Own Tax Return”
Top 10 Reasons to Prepare Your Own Tax Return 10. Nothing beats that ‘waiting until the last minute anxiety ridden’ feeling 9. What’s more fun than having to learn another complicated software program 8. IRS tax publications are better to read than the latest bestseller 7. Who needs a Professional, next year I’m going to…
Read MoreState And Local Tax (“SALT”) Cap Workaround
State And Local Tax (“SALT”) Cap Workaround [updated & reposted – Rick] Many states have passed legislation which allows for a SALT Cap workaround. Background: Taxpayers can deduct the larger of the Standard Deduction or their Itemized Deductions on their individual tax return. Itemized deductions include charitable contributions, mortgage interest expense, medical expenses over 7.5% of…
Read MoreReduce Taxes Now! Take Steps Before Dec. 31st!
If you wait until April 15th to try and reduce your income tax, there will be very few things you can do. Now, before December 31st, review your situation and take action to minimize your current income tax. There is some uncertainty in which tax provisions Congress may decide to extend, but the majority…
Read MoreIdaho “SALT” Cap Workaround
IDAHO – State And Local Tax (“SALT”) Cap Workaround Idaho passed legislation allowing for a SALT Cap workaround beginning in the 2021 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreOregon “SALT” Cap Workaround
OREGON – State And Local Tax (“SALT”) Cap Workaround Oregon passed legislation allowing for a SALT Cap workaround beginning in the 2022 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreJoke :D “An Attorney and an Tax Accountant…”
It’s Friday! Time for a laugh! While there quite a few accountant jokes out there, allow me to share one of my favorites. RICK An Attorney and an Tax Accountant are sitting next to each other on a long flight from LA to NY. The Attorney leans over to the Tax Accountant and…
Read MoreImplementing the $2,500 Expensing Threshold May Not Be Best Practices for Your Business
A capitalization policy is used by a business to set a threshold for determining when a asset purchase should be recorded as a fixed asset (and depreciated), or when the expenditure can be expensed in the current year. The IRS has allowed certain businesses with applicable financial statements with written capitalization policies to establish this…
Read MoreRepost – 5 Ways to Enjoy March Madness…
Gracy’s latest article… By Gracy Olmstead March 15, 2017 We all need opportunities to connect, have fun, and forget politics. There’s no better way than the NCAA March Madness basketball tournament. March is a crazy time of year for an accountant’s family. Associating the month with “madness” seems only natural. My dad would work…
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