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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

December 30, 2021 | 2021 Tax Season, Form 1040, IRS, Itemized Deductions (Schedule A), Medical Expense...
Year End Tax Savings. . . for 2021

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The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for … Year End Tax Savings. . . for 2021

December 9, 2021 | 2021 Tax Season, 2022 tax year, Form 1040, IRS, Itemized Deductions (Schedule A)...
Facts & Figures 2021 Tax year & Some For Tax Year 2022

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Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete: The numbers and limits for 2021 tax season: FACTS & FIGURES, TBA=To be announced Tax Year 2021 2022 Social Security COLA 1.3% 5.9% Part B premium- income < $85,000 … Facts & Figures 2021 Tax year & Some For Tax Year 2022

October 23, 2020 | Employee deductions, Legislative Update, Tax Forms, Tax Planning-Business, Tax Resources...
COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

A question received: I’ve worked from home since March 2020 because of COVID. Can I claim my home office expenses on my 2020 taxes? The tax year and the employment status (employee vs sub contractor or self employed) matters. For 2020 tax year, there may be a home office tax deduction for: 1. Subcontractor (No … COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

August 18, 2020 | Editorial, Form 1040, IRS, Legislation, Tax Planning-Business...
The Hidden Side of “Bringing America Together” Editorial

Man and woman with american flag wrapped around their shoulders

Election day is soon approaching. Lets look what each side offers tax wise. . . We all know what our President has given us—the Tax Cuts and Jobs Act. Let’s look at the “Bring America Together” sides tax wish list: Increase taxes on those making over $400,000 Increasing top tax rate from 37 to 39.6% … The Hidden Side of “Bringing America Together” Editorial

September 5, 2019 | Employee deductions, Form 1040, IRS, meals, Tax Planning-Business...
Can I Claim Meal & Travel Expenses for 2019 Tax year?

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Are you one of the “lucky” people that can still deduct Meal and Travel Expenses on their tax return? . . . First a few questions: Is the travel and meal expense related to your job as an employee (taxes taken out of paycheck)? Is the travel expense (e.g. hotel) incurred in the same city … Can I Claim Meal & Travel Expenses for 2019 Tax year?

July 3, 2019 | Form 1040, IRS, Legislation, Tax Planning-Business, Tax Resources...
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” ?

March 1, 2019 | IRS, Tax Planning-Business, Tax Resources, Taxes...
Meals Expense Deductible? It Depends

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The 2017 Tax Cuts and Jobs Act suspended some deductions and sidestepped others. One of those deductions is the meals expense. For most employees, the meal expense (or per diem) tax deduction is suspended until tax year 2026 (no tax deduction). However, self employed individuals (or those receiving a 1099 Misc) and STATUTORY employees (e.g. … Meals Expense Deductible? It Depends

January 24, 2019 | Form 1040, IRS, Legislation, Legislative Update, Tax Planning-Business...
Qualified Business Income Deduction

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 | Barter, IRS, Legislation...
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 2, 2018 | IRS, Medical Expense, Mileage, Tax Planning-Business, Tax Resources...
Track that Mileage Expense!

Reminder, track those auto expenses. Every little bit adds up. There are two ways to calculate auto expenses: actual expense and mileage. Actual expense method includes auto maintenance cost, (oil changes, tire rotations etc), minor repairs (tires, windshield wipers, etc), auto insurance, personal property taxes, garage rent, gas, oil, fluids, depreciation, tolls, vehicle registration (tags) … Track that Mileage Expense!

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My Tax Blog

December 30, 2021 | 2021 Tax Season, Form 1040, IRS, Itemized Deductions (Schedule A), Medical Expense... Year End Tax Savings. . . for 2021

December 9, 2021 | 2021 Tax Season, 2022 tax year, Form 1040, IRS, Itemized Deductions (Schedule A)... Facts & Figures 2021 Tax year & Some For Tax Year 2022

October 23, 2020 | Employee deductions, Legislative Update, Tax Forms, Tax Planning-Business, Tax Resources... COVID Reveals a BROKEN “Tax Cookie Jar” for At Home Employees

August 18, 2020 | Editorial, Form 1040, IRS, Legislation, Tax Planning-Business... The Hidden Side of “Bringing America Together” Editorial

September 5, 2019 | Employee deductions, Form 1040, IRS, meals, Tax Planning-Business... Can I Claim Meal & Travel Expenses for 2019 Tax year?

July 3, 2019 | Form 1040, IRS, Legislation, Tax Planning-Business, Tax Resources... Self Employment, Financial Freedom or IRS “Invitation” ?

March 1, 2019 | IRS, Tax Planning-Business, Tax Resources, Taxes... Meals Expense Deductible? It Depends

January 24, 2019 | Form 1040, IRS, Legislation, Legislative Update, Tax Planning-Business... Qualified Business Income Deduction

October 23, 2018 | Barter, IRS, Legislation... Business Barter Can Bite!

October 2, 2018 | IRS, Medical Expense, Mileage, Tax Planning-Business, Tax Resources... Track that Mileage Expense!

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