Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? No. IRS auditors often make this claim, but they are incorrect. There is no provision in the tax law that denies you a deduction for labor expenses simply because you didn’t file the required Form 1099s. But the tax court has stated that the non-filing of required Form 1099s...

It’s the holiday season, …And there’s no reason you need to let the stresses get to you.  Year after year, I have folks like you who let themselves get lost in buying and end up loaded up in debt come January and February.  I’m not trying to be a “humbug” about buying “stuff” and you and I both know there’s no replacement for the look of excitement on your child’s face Christmas morning when they get that “must-have gift.” …But don’t go broke doing it.  Every...

Every year, at this time, we get bombarded at the office by folks trying to sort out there healthcare options for the next year.  Let me be simple and blunt:  It’s going to take you some time to do it and trying to do it at the deadline is going to be painful.  Now, I know a lot of you have healthcare through an employer, but, depending on their policy, you may end up needing to get coverage for a spouse or child.  Here’s my biggest tip: Get all the information...

We’re getting dangerously close to the end of 2019, but there’s still time to add to your 401(k) if you haven’t maxed out your contributions this year.  Just to remind you, if you’re under 50, you can save up to $19,000 per year ($25,000 if you’re over 50).  For a lot of the people I talk to, they aren’t anywhere close to that number annually. Let’s look at that, from a realistic standpoint.  First of all, the 401(k) program was never intended to be someone’s ONLY retirement...

Happy Holidays! Like a lot of companies, my team and I plan out our charitable giving annually.  We like to pick the organizations we’ll donate to and then, make those contributions throughout the year.  Think about things like Breast Cancer in October or Autism Awareness in April.  Additionally, some organizations allow company items, such as vehicles, to be donated and the value of the item must then be calculated for taxes.  Smaller companies, though, may only be able to make a single contribution...

If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few thoughts that will help. Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too Self-employed individuals who are age 50 and older as of the applicable year-end can make additional elective deferral catch-up contributions to certain types of tax-advantaged retirement accounts. For the 2019 tax year, you...

The Tax Cuts and Jobs Act (TCJA) likely requires that you rethink the tax strategies you were using on your vacant land investments. And the TCJA changes may be such that you have to rethink vacant land as an investment, at least for the years impacted by the TCJA. Overview The vacant lot and unproductive land are investments. The TCJA gives you three new and/or altered tax law situations every year from now through 2025 that you need to consider: Capitalize the expenses and add them...

Good Morning! Like it or not, the end of 2019 is here. From a tax point of view, if you still haven’t got all your paperwork and “stuff” in order, you’re woefully behind. Now, it might be easy to hide behind all the things going on this month to allow you to neglect getting your ducks in a row, but let me share a secret with you: No matter how screwy your files are, you can get the whole year square this month – in less than four hours.  Even better?  You can do this so...

Your Taxes shouldn’t require a Hail Mary play at the last minute, but that doesn’t mean there aren’t some year-end tax moves to help you out when you file next year. Here are several different things you should consider doing before December 31st to improve your tax situation.  Spend the money in your flex-spending health care account. If you use your vehicle for business, buy a replacement you can write off. Make energy improvements to your home and tax...