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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

July 3, 2019 | 0
Self Employment, Financial Freedom or IRS “Invitation” ?

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Are you a self-employed business owner? It’s great to set your own hours and choose your “job”. However, if a business owner isn’t careful, the ticket to financial freedom–the business–can be an “invitation” for an IRS inquiry . . . The IRS defines a business as a FOR PROFIT activity. Translation: Just because you call … Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020
I Didn’t File My Taxes . . .What Now?

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Yes, it’s after April 15th. However, “forgetting” to file isn’t fatal if it’s addressed quickly. This article is limited to individual Federal Tax filing requirements. State and cities may have additional tax filing requirements. Question 1: Is filing Federal Tax Return required? Not required for self employed taxpayers with income under $400.00 OR For taxpayers … I Didn’t File My Taxes . . .What Now?

April 25, 2019 | 0
Grandpa Died and I Get a Tax Bill?

Most inheritance distributions are usually tax free, especially if the moneys received are from a regular savings or checking account (or the equivalent) or are from life insurance not paid to the Estate. However, if the money received is from a stock fund sale, IRA or asset sale (e.g. house or farm) then the proceeds … Grandpa Died and I Get a Tax Bill?

March 20, 2019 | 0
Need Tax Deduction? Check Out Traditional IRA

Do you owe taxes this year? Looking to reduce your tax bill? Check out a Traditional IRA. It’s one of the few deductions that can be taken AFTER the tax year ends. In practical terms, taxpayers can contribute to a Traditional IRA as late as April 15, 2019 for 2018 Tax Year. Contributions provide a … Need Tax Deduction? Check Out Traditional IRA

January 24, 2019 | 0
Qualified Business Income Deduction

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Are you: Self Employed? Receive Limited Liability Company (LLC) Income? Receive a 1099 Miscellaneous? Member of a LLC (e. g. Partnership)? Receive Sub Chapter S Corporation Distributions? If you answered no to the above questions then QBI does not apply to you. . . If you answered yes, then: The Qualified Business Income (“QBI”) deduction … Qualified Business Income Deduction

October 23, 2018 | 0
Business Barter Can Bite!

Barter is trading services or product in lieu of cash. Barter of products or services between businesses (e.g. subcontractors) is taxable. Barter income is based on the value of services or product received (of IRC Section 61(a)). It is reported on the tax return (IRC§ 61(a)(1)). Mr. Welemin learned this painful lesson in US Tax … Business Barter Can Bite!

October 1, 2018 | 0
What is an Enrolled Agent?

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In the Alphabet soup of certificates, education and licensure–CPA, EA, JD, M Tax, MBA, ATA– it can be hard to keep it all straight when trying to find a knowledgeable tax professional. Recently someone asked me, “I’ve seen the letters ‘EA”, what does it mean? How is it relevant to my situation?” The letters “EA” … What is an Enrolled Agent?

Welcome

My Tax Blog

July 3, 2019 | 0 Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020 I Didn’t File My Taxes . . .What Now?

April 25, 2019 | 0 Grandpa Died and I Get a Tax Bill?

March 20, 2019 | 0 Need Tax Deduction? Check Out Traditional IRA

January 24, 2019 | 0 Qualified Business Income Deduction

October 23, 2018 | 0 Business Barter Can Bite!

October 1, 2018 | 0 What is an Enrolled Agent?