Archive

01Jul2019

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

    Article Highlights:    Primarily Business Primarily Vacation Special Circumstances Foreign Conventions, Seminars and Meetings Cruise Ships Spousal Travel Expenses   Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross
  • 1 Jul, 2019
  • Jacqueline Cran
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27Jun2019

Household Help: Employee or Contractor?

    Article Highlights: Household Employee Definition Employee Control Factors Self-employed or Employee Withholding Requirements Reporting Requirements Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question
  • 27 Jun, 2019
  • Jacqueline Cran
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24Jun2019

Donor Advised Funds Provide Tax Benefits

  Article Highlights: Donor-Advised Fund Itemized or Standard Deductions Sponsoring Organizations Tax Benefits Bunching Strategy High Income Years Donating Appreciated Assets If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised
  • 24 Jun, 2019
  • Jacqueline Cran
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20Jun2019

Hobby or Business? It Makes a Difference for Taxes

Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: Businesses Entered Into for
  • 20 Jun, 2019
  • Jacqueline Cran
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17Jun2019

Eldercare Can Be a Medical Deduction

    Article Highlights: Nursing Homes Meals and Lodging Home Care Nursing Services Caregiver Agencies Household Employees Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated
  • 17 Jun, 2019
  • Jacqueline Cran
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10Jun2019

Gift Tax Treatment of Tuition Plans

    Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and
  • 10 Jun, 2019
  • Jacqueline Cran
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06Jun2019

School’s Out – Who is Going to Take Care of the Kids?

    Article Highlights:  Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled)
  • 6 Jun, 2019
  • Jacqueline Cran
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30May2019

June 2019 Tax Due Dates

  June 2019 Individual Due Dates   June 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to
  • 30 May, 2019
  • Jacqueline Cran
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20May2019

Tax Issues Related to Divorce

    Article Highlights:  Family Court Division of Property Spousal Buyout Debt Filing Status Joint and Several Liability Claiming the Children as Dependents Head of Household Filing Status Higher Education Tuition Credits Child Care Credit Child Tax Credit Earned Income Tax Credit Alimony Child Support Conflict of Interest Divorce is a traumatic event in anyone’s
  • 20 May, 2019
  • Jacqueline Cran
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16May2019

Protecting Yourself from Scams, ID Theft, and Cyber Criminals

    Article Highlights:  ID Theft What’s in Your Wallet or Purse Phony E-mail Pop-up Ads Only Access Secure Websites Avoid Phishing Scams Security Software Educate Children Passwords Phony Charities Impersonating the IRS Back Up Files If It Is Too Good to Be True As much as the Internet has changed our lives for the
  • 16 May, 2019
  • Jacqueline Cran
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