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Work From Home? Taxpayer Home Office Deduction Simplified

The IRS announced a simplified option for taxpayers to figure their deductions for business use of their homes.  Beginning January 1, 2013, the new optional deduction allows a capped amount of $1,500...

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Wormwood to Screwtape: Just ignore the 544 pages of IRS tax regulations...

My Dear Uncle Screwtape, I am delighted to inform you of my successful efforts to have the IRS issue 544 pages of federal income tax regulations interpreting the Foreign Account Tax Compliance Act of...

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Heated debate ahead on tax reform proposals

President Obama recently said that he wants a tax reform/deficit reduction package by August and lawmakers have many proposals to consider. The President has introduced a $3.77 billion budget for...

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How do I? Elect not to carry back an NOL

Many taxpayers find the ability to carry back a net operating loss (NOL) one of the most business-friendly provisions in the Tax Code. This is often true for new businesses. In times of economic...

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Time payments to maximize year end tax benefits

When accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions...

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How Do I? Establish a profit motive for business activities

The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an activity is not profit-driven, deductions from...

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FAQ…What are miscellaneous itemized deductions?

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are...

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