Taking the Political Easy Path – Extender Tax Provisions Update
In an earlier post, I discussed the on-going issue with Congress where they continue to extend 50+ key tax provisions (nick-named “extender tax provisions”) for only one or two years, and then the process must be repeated. Why won’t Congress make the changes permanent? Because of politics. Specifically, these changes reduce tax revenue and…
Read MoreReduce Taxes Now! Take Steps Before Dec. 31st!
If you wait until April 15th to try and reduce your 2015 income tax, there will be very few things you can do. Review your tax situation now, before December 31st, and take action to minimize your 2015 income tax. There is some uncertainty in which tax provisions Congress may decide to extend, but the…
Read MoreLooking Great is Not Deductible!
Does your job require you to look great? We have been able to meet some great small business people, including those in sales or leadership positions. To do the job right, the individual needs to look their best. This may mean more expensive clothing, on-going grooming, staying fit, etc. To look your best… to look…
Read MoreObamacare, the Affordable Care Act, and Your Tax Return
Beginning in 2014, the Affordable Care Act (“ACA”), also referred to as Obamacare, mandates health insurance coverage. Businesses with 50 or more employees are mandated to provide health insurance coverage to their employees, or pay penalties. Individuals that are not provided health insurance coverage by their employer are mandated to obtain insurance coverage on…
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 More“Of Course They’re Tax Deductible” Part 1
I have a client who farms… and produces fish… and writes books… and does a bit of almost everything. He is smart and witty. At tax time, our review of income and “deductible” expenses can be very entertaining. He surprised me a few years ago by including a whole chapter in his new book dedicated…
Read More“Of Course They’re Tax Deductible” Part 2
“Of Course They’re Tax Deductible” by Jim Schwartz Part 2 – Continued from “Of Course They’re Tax Deductible” Part 1 “There’s something else that I have been wondering about, also,” I said, since he was evidently finished with the possibilities of an audit. “What’s that?” he asked. “It will actually have to do with next…
Read More“Of Course They’re Tax Deductible” Part 3
“Of Course They’re Tax Deductible” by Jim Schwartz Part 3 – Continued from “Of Course They’re Tax Deductible” Part 2 “Ah, good,” I said. “Now, let’s get back to the dogs. You said their food was deductible, right?” “Yes, it should be,” he nodded. “They are cattle dogs, aren’t they?” “Sure are,” I said. “Darn…
Read MoreDave Ramsey… a Lesson in Motivating Others.
I was given a ticket to the Dave Ramsey “The Legacy Journey” event Thursday evening in Boise (thank you Zach!) and enjoyed the evening. I’ve attended a local “Financial Peace University” series and can attest that the personal financial principles that Dave teaches are sound. But, there is more to Dave Ramsey than “what” he…
Read More23% of IRS Computers & Other IT Equipment Unaccounted For
Treasury Inspector General for Tax Administration (“TIGTA”) issued their report on September 16, 2013 titled, “Weaknesses in Asset Management Controls Leave Information Technology Assets Vulnerable to Loss” (Reference 2013-20-089) Excerpt from the reports highlights section… TIGTA also found that ineffective inventory controls created an environment where information technology assets are vulnerable to…
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