OK. You all know that we are now living under a new tax law (PL115-97, aka Tax Cuts and Jobs Act). One with a purported “much” higher standard deduction, which means fewer folks will be able to (or have to) itemize.
Continue reading Yeah. A Postcard.
I can’t believe how many people start businesses and don’t keep good records. That is the one way to have the IRS eat you for breakfast, lunch, AND dinner.
Continue reading 177 down. 188 to go.
I’ve been warning my clients about this for about three years. And, now, it’s time for them- and everyone else- to react.
Continue reading Stop the Presses!
Living in the DC Metro area, it is not unusual to see a bunch of folks working from home- or in my coffee shop. (Yes, I just switched allegiances after more than 20 years.)
Continue reading Telecommuting travails
Do you guys remember when I told you that some Blue States were going to create their own version of tax chicanery to deal with the GOP onslaught on their finances? (We are talking about that $10,000 maximum SALT – state and local taxes- deduction limit.)
Continue reading Blue State Revenge?
To misquote Nikki Haley, one of the very few ethical members of TheDonald’s retinue, “I don’t get confused”. (In case you don’t know about this, she was left hanging after she announced this past week that Steve Mnuchin would be detailing further Russian sanctions for their part in the Syrian poisoning, only to be “clarified” by TheDonald.)
It would help if the IRS were a fully funded agency. But, for the past four years or so, it has suffered because the GOP claims (FAKE NEWS) that WrongWing (non-)charities had a tough time getting approved as non-profit entities. The GOP feels that these Political Action Committees (PAC) were chosen for special scrutiny. (FACT: All these fake charities that are really aimed at promoting political candidates from the Left, the Right, and the Middle were subject to the same extra scrutiny.)
Continue reading Food and Drink?
Yes, I remember that Beatles song well.
It’s appropriate today because the next 8 days are going to be insane. (Since I don’t work on Shabat, it’s really only a week’s worth of work, even though it’s an eight-day period.)
Continue reading 8 days a week
I’ve had a slew of folks argue with me that their business has no office but the one in their home. If their business is unincorporated (and if your net income is $ 25K or higher- shame on you for being unincorporated) or a disregarded LLC, I agree that they have the ability to claim part of their home’s expenses for business purposes, using Form 8829.
Continue reading When a home office is not a home office
You do realize that we haven’t raised our gas taxes in forever, right? And, most (OK, 30+%) of the Highway Trust Fund comes from the fees truckers pay. If we add in all the fees truckers pay (state and federal), the total approaches the halfway point, for sure.
Continue reading A different kind of tax computation
