Individual Tax
5 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…
Read MoreState And Local Tax (“SALT”) Cap Workaround
State And Local Tax (“SALT”) Cap Workaround Many states are passing 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 their Adjusted Gross Income (“AGI”)…
Read More2015 Tax Legislation Passed in Time for Christmas (and for Year-End Tax Planning)
UPDATE: 2015 Tax Legislation Passed on December 18, 2015… just in time for Christmas, and for your 2015 year-end tax planning. I expected Congress to pass legislation extending the 50+ key tax provisions (nick-named “extender tax provisions”), but my expectation was that it would be a one or two year extension. That is what has…
Read MoreTaking 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 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 MoreAdjust Your Payroll Withholding with Form W-4
Clients often ask , “How many allowances should I claim on my W-4?”. This may sound like a simple question, but it is very difficult to answer. The bottom portion of page 1 Form W-4 (the portion you give your employer) appears to be very straight forward. You can check in Box 3 whether…
Read MoreMinimize 2013 Income Tax Now. Don’t Wait Until April 15th.
If you wait until April 15th to try and reduce your 2013 income tax, there will be very few things you can do. Now, before December 31st, review your situation and take action to minimize your 2013 income tax. Unlike the end of 2012, Congress isn’t still debating tax law changes. We know what the…
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