Entries by lstaxservices_i8x1k2

Who can you trust for tax advice?

The IRS has a website with some useful information for taxpayers but is their information always accurate?  This morning I was looking at a news release from their site containing a table comparing business tax provisions before and after TCJA.  Here’s a snippet from their explanation about the new limitation on deducting business interest. “The […]

Wesley Snipes loses to IRS again.

After serving 3 years in prison for failing to file tax returns and filing fraudulent claims, Wesley Snipes still can’t win with the IRS.  He owed roughly 23.5 million in federal taxes and filed an Offer In Compromise offering to pay roughly 850,000 to settle his debt with the IRS.  The Offer In Compromise program […]

Tax Break for Disabled Vets

There has been some mention in the press recently about a tax break for disabled vets.  To explain this tax break let’s start with the basics of how retirement pay is taxed for a disabled veteran.  First off, disability pensions for a veteran are non-taxable, but regular retirement pay of a veteran is subject to […]

Summer Time Tax Check Up

I frequently recommend to my clients with complicated tax situations to do a summertime checkup to see if they are paying sufficient amounts through withholding or estimated payments in order to avoid a negative surprise at tax time.  This year that activity is especially important because of the various changes made to the tax law […]

SALT limitation in tax reform act

Many health professionals recommend limiting our salt intake but to tax professionals, SALT limits have a different meaning.  SALT refers to State and Local Taxes which have been deductible for many taxpayers in the past but are now limited to a maximum of 10,000 dollars under the new tax reform passed last December.  There are […]

Trump Tax Reform – tax breaks for everyone?

As I have written about before, although the recent tax reform bill lowers tax rates for virtually everyone, not everyone will have their overall federal income tax reduced.  That’s because the law includes some tax breaks but also eliminates some deductions.  In doing an analysis of my client base, the vast majority of clients will […]