Tax “deferred” retirement savings plans (IRA, 401k…) feel smooth now, but they have a nasty bite in the end. All of my tax clients who saved for retirement using tax deferred plans are now paying taxes up the wazooooo! They’re paying taxes on the income they “deferred” PLUS any interest or dividends that money gained. […]
Am I Required To Include My Discharged Student Loan In My Taxable Income?
Usually… Yes. However, let’s see what the IRS has to say right now on this subject. I will highlight a few points below; but, you’ll have to read the Forbes article IRS Issues Tax Guidance On Discharged Student Loans (Jan 15, 2020) for the details. You should not report the amount of the discharged loan […]
No More Deduction for Job Expenses, Including Home Office
Back in the day folks could use certain out-of-pocket employment expenses as a tax write-off; but as 2018 things have changed. Now, remember… I’m talking about potential w2 employment expenses, NOT self-employment expenses. Here are some examples of job expenses that were deductible for tax years 2017 and before, but are now not deductible for […]
I Provide Professional Services! Do I Qualify for the QBI or not?
This is by far one of the most bizarre tax code complications I’ve seen this year. So if I’m confused, I’m sure you are too. But, finally the IRS has decided to clarify who is, and is not included on the specified service trades or businesses (SSTB) list, and therefore disqualified to receive the Qualified […]
IRS Hit A Self-Employed Individual for $7k in Back Taxes!
My sole proprietor clients think I’m hard on them. They wish I’d leave them alone about maintaining a separate bank account for their business. They don’t want to hear me go on and on about not co-mingling funds, depositing and reporting every dollar made in business, and not over-stating expenses. There are several reasons I […]
Do You Make Charitable Contributions From Your Business???
So you enjoy giving money to charitable organizations, do you??? Yes! I knew you did. You love to give to great causes and so do I. So give and don’t stop. In addition to the good feeling of giving, it’s also kinda nice knowing you can write those donation off on your taxes. Right??? Well.. […]
MyWalkTax – 2019 Tax Filing Season Update
Hello Clients and Friends: The 2018 Tax Season officially began January 28th. I am ready to serve your tax preparation needs, so you may start sending your documents over at any time. Please take a moment to read the details below. Getting Your Documents To Me, Drop-Offs and Appointments CURRENT CLIENTS: In order to meet […]
Hidden In Obamacare
I’ve curated the information below from various sources just to show the American tax payers some of the less know details of the Affordable Care Act, A.K.A “Obamacare”. I have not verified that these facts are actually legitimate, so you may want to research further on your own. Over 2000 pages of law is right […]
The 2018 Tax Season Has Begun!
Hello Clients and Friends The 2018 Tax Season officially began January 29th. I will officially begin working with clients on Thursday, February 1st, so you may start sending your documents over at any time. With all of the recent tax changes, your 2017 Client Tax Questionnaire is not yet ready. I will send it to you in the […]
Did You Pay Anyone More Than $600 in 2018? — Get your 1099-misc filed by 1/31
I’ve beat this topic to death in years past, so I won’t go into all the intricate details in this blog. So please… before you ask questions about Box 3 vs Box 7, please take time to read through questions from all of the *wishful thinking* people who have gone before you. You can find […]