Save Money with Depreciation
A lot of accounting for small businesses is straightforward. Most people who run a business understand how to keep track of cash,...
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Evan Kirkpatrick
- Feb 5, 2020
- 1 min
Time for Tax Planning
Right now is absolutely the best time to do your 2020 tax planning.
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Evan Kirkpatrick
- Feb 13, 2019
- 2 min
Getting The Discount for Your Rental Real Estate Business (SEC. 199A for Rental Real Estate)
The Tax Cuts and Jobs Act (also known as the Trump tax reform) implemented Internal Revenue Code Section 199A, which offers a deduction...
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Evan Kirkpatrick
- Jan 9, 2019
- 1 min
IRS to Pay Refunds During Government Shutdown
Historically, the Internal Revenue Service has not made tax refund payments during government shutdowns. However, on January 7, the...
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Evan Kirkpatrick
- Jan 2, 2019
- 1 min
A Note on Mileage Rate Increases and Tracking Your Mileage
The IRS recently announced the standard mileage rates for 2019. For business travel using a passenger vehicle, the standard rate for will...
29 views
Evan Kirkpatrick
- Jul 5, 2018
- 1 min
Relevant Date of an IRS Notice
Is the date an IRS notice is mailed the relevant date? The IRS can’t seize property unless it gives a person notice in writing of a right...
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Evan Kirkpatrick
- Jul 3, 2018
- 1 min
Real Real Estate Business?
A court rules that a taxpayer wasn’t in the business of flipping houses, so he couldn’t deduct expenses. The U.S. Tax Court has...
29 views
Evan Kirkpatrick
- Jun 19, 2018
- 1 min
Multiple Jobs in Household? Check Withholding Amounts
If you and your spouse are both employed, or you’re single and work more than one job, the IRS is urging you to check your withholding...
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Evan Kirkpatrick
- Jun 14, 2018
- 1 min
Part-Time or Seasonal? See Withholding Calculator
Part-time and seasonal workers are urged to check their tax withholding amount. Due to changes under the Tax Cuts and Jobs Act, the IRS...
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Evan Kirkpatrick
- Jun 5, 2018
- 1 min
Check Out This Checking Out Tool
Want to check out a nonprofit group before donating? The IRS just introduced a new online tool designed to provide faster and easier...
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Evan Kirkpatrick
- May 29, 2018
- 1 min
Ranch for the Right Reasons
Ranching activities weren’t engaged in for profit in one situation. The taxpayer owned a profitable research and publishing business....
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Evan Kirkpatrick
- May 8, 2018
- 1 min
Charitable? Prove it
A taxpayer is denied charitable contribution deductions for cash donations to his church’s Little League team and weekly cash donations...
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Evan Kirkpatrick
- Apr 12, 2018
- 1 min
Such a Thing As Accountant-Client Privilege?
Are tax-related emails between an attorney, an accountant and their client protected under the attorney-client privilege? In a recent...
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Evan Kirkpatrick
- Mar 15, 2018
- 1 min
Support Your Tax Amounts (or the IRS May Do It for You)
The IRS can piece together a taxpayer’s income and deductible expenses if it suspects the person didn’t correctly report them. That’s...
4 views
Evan Kirkpatrick
- Feb 28, 2018
- 1 min
Documentation Needed for Rent Deductions
The U.S. Tax Court ruled that a corporation couldn’t deduct expenses for the purported rental of part of the home of its sole shareholder...
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Evan Kirkpatrick
- Feb 27, 2018
- 1 min
New Federal Withholding Rules in Effect
Starting on February 15, employers were required to begin using new federal withholding tables. These tables reflect the Tax Cut and Jobs...
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Evan Kirkpatrick
- Feb 13, 2018
- 1 min
TCJA Imposes Limits on Mortgage and Home Equity Loan Interest Deductions
How much mortgage and home equity loan interest can you now deduct? Prior to the Tax Cuts and Jobs Act (TCJA), you could deduct interest...
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Evan Kirkpatrick
- Jan 31, 2018
- 1 min
Choosing Your Tax Advisor
It isn’t always easy to tell what separates a strong tax advisor from a “just okay” tax preparer. Here are a few things to look for....
21 views
Evan Kirkpatrick
- Jan 24, 2018
- 1 min
Looking Forward to Helping You
Instead of looking backward when it comes to taxes, consider looking forward. On the one hand, tax compliance is retrospective in that it...
7 views
Evan Kirkpatrick
- Jan 10, 2018
- 2 min
Tax Reform Winners
The most fundamental question everyone has about the tax reform bill is simple: Are my taxes going down or up? While some of the earlier...
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