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.
Tag Archives: IRS
177 down. 188 to go.
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.
Tip Jars
We have a slew of clients who have a tip jar. (Yes, these are coffee shops, by and large.) And, our practice has been to count the funds in the tip jar every hour, and divide those funds among each person working that hour equally. We then add those funds to the gross amounts which are subject to income and FICA taxes (and subtract the tips distributed as “cash advance”).
SNAFU
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.)
NOW!!!
Come on! You’ve been given much more time.
Because the 15th of April fell on a Sunday, the normal scheme of things would be that yesterday would have been the day to file your taxes. Except the IRS relies on Andover (MA) to process a bunch of electronically filed forms. And, the 16th of April was Patriot’s Day.
Food and Drink?
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.)
8 days a week
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.)
When a home office is not a home office
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.
Laïcité (aka the First Amendment)
It’s been such a long time since I shared a rant. And, today (ok, whenever this really gets posted) seems like the perfect day.
The new tax law has hidden surprises
By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year. Normally, you can follow the instructions that you are provided. (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency. I’m not saying you are wrong- I am just saying, why bring on the aggravation.)