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IRS Auditor Doesn’t Know the 90-Day Mileage Log Rule

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, you are in what former presidential candidate Ross Perot called deep doo-doo. Think about it. If you don’t have a log for mileage, what is the IRS going

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Technique That Increases Deductions on Your Vacation or Other Home

If your property qualifies as a “residence,” you face the strictest limits of the vacation home rules. Your property is a “residence” if you use the rental property for personal use for more than the greater of 14 days in the year or 10 percent of the days during the year in which you rent

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Does Non-Home Use of Your Home Damage Your $250,000 Exclusion?

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone. Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and non-qualified use: Qualified use means the time

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Be Alert to the New Tax Reform Attack on Roth IRA Recharacterizations

When you convert your existing traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to traditional IRA status, the reversal is called a recharacterization in IRS-speak. If you had a sizable accumulation in your traditional IRA, the ability to convert that traditional IRA to a Roth IRA and

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What Did the New Tax Plan Do to Your Tax-Free Supper Money?

Here’s how the Tax Cuts and Jobs Act (TCJA) applied its tax reform to your supper money meal allowance and the four rules that give you the tax deduction. Before tax reform, you deducted 100 percent of the supper money cost. Now, because of tax reform, your tax deduction for supper money is subject to

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Tax Reform Planning – Let Us Help

The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of individuals and businesses. The changes are extensive and this letter provides a high-level overview of some of the highlights to keep you informed. Due to the sweeping nature of the changes and the need for continued guidance,

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US House Budget Committee Passes Legislative Tool for the Next Phase of Tax Reform

The US House Budget Committee has approved a legislative tool Republicans might use for the next phase of federal tax reform. On June 21, a fiscal year (FY) 2019 budget resolution passed the budget committee by a 21-to-13 party line vote. If approved by both chambers, the budget resolution would allow congressional Republicans to approve

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2018 What’s New in the Tax Cuts and Jobs Act

Our friends at Wolters Kluwer created this infographic that provides a great comparison between the previous tax law and the current one. Have any questions?  Drop us a line or give us a call!  We’d be happy to work with you! Images © 2017 CCH Incorporated and its affiliates.  All rights reserved.

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June Tax-Saving Tips

IRS Rules for Deducting Your Business Gym If you have been thinking about the fitness of your employees and the possibility of a gym or other athletic facility, then you need to know the tax rules. To be tax deductible, your gym or other athletic facility must be primarily for the benefit of your employees—other read more


5 TV shows to teach your kids about business

In times of yore, children were warned that television would rot their brains. Today, though, there’s an impressive selection of edutainment, programming that both teaches and tantalizes. These shows have given many children an entrepreneurial edge that will serve them well the rest of their lives. This AICPA Insights article shares a shortlist of shows

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