New IRS Refund Rule Could Delay Your Money by 10 Weeks To get my complete article with all the details… For years, if taxpayers forgot to provide direct deposit information, the IRS simply mailed a paper refund check. That's no longer the case. A new IRS procedure is catching many taxpayers off guard—and delaying refunds in the process. A refund may be … [Read more...]
Tax Planning
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The Business Pre-launch Expenses That Are Deductible — And The Ones That Aren’t.
The Business Pre-launch Expenses That Are Deductible — And The Ones That Aren’t. To get my complete article with all the details… Before your business opens its doors, you're already spending money — on market research, legal fees, advertising, employee training, and more. The IRS treats most of these as capital expenses that sit on the books with no immediate tax … [Read more...]
Donated Property Worth More Than $5,000? The IRS Has A Strict Three-step Checklist.
Donated Property Worth More Than $5,000? The IRS Has A Strict Three-step Checklist. To get my complete article with all the details… You donated property to charity — artwork, real estate, collectibles, even Bitcoin. You expect a deduction equal to fair market value. But the IRS has strict substantiation rules for non-cash gifts over $5,000, and missing even … [Read more...]
Paying Partnership Expenses Out Of Pocket? Here’s What You Can — And Can’t — Deduct.
Paying Partnership Expenses Out Of Pocket? Here’s What You Can — And Can’t — Deduct. To get my complete article with all the details… You're a partner in a medical practice, law firm, or accounting firm. Every year you reach into your own pocket for client meals, car expenses, continuing education, and home-office costs. But whether those out-of-pocket … [Read more...]
July 31 Deadline: One Small Fee That Protects Your Entire HRA Deduction
July 31 Deadline: One Small Fee That Protects Your Entire HRA Deduction To get my complete article with all the details… You set up a health reimbursement arrangement to maximize tax deductions for medical expenses. Smart move. But there's a small annual filing requirement that comes with it — and skipping it could give the IRS a reason to question whether … [Read more...]