Tax deduction for Vehicle Donation
The IRS has recently issued a new publication for those wishing to get a tax deduction for the donation of a vehicle to charity. It contains useful information for potential donors.
Entries by lstaxservices_i8x1k2
Limbaugh’s comments on Obama’s college proposal
Rush listeners called me to get my perspective on paying for free community college. Here’s the view of a tax professional.
529 Plans
A couple of clients called me recently about comments made by Rush Limbaugh regarding the proposal put forth by President Obama to eliminate the tax break for 529 plans to help pay for his plan to provide free community college to some people. Since many people are not familiar with 529 plans, I thought I […]
IRS announces start of filing season
Yesterday, the IRS announced that it will begin processing 2014 tax returns on January 20, 2015. This applies to returns filed electronically or on paper. If you are one of the few who has their information and really want to file before that date, you can submit a paper return but they won’t begin processing […]
Motocross expenses deductible?
Can a construction company owner deduct the costs of his sons motocross racing? In one instance, the tax court says yes. Expenses must be ordinary and necessary for a business to deduct them. Click here to see how the judge ruled on the Evans case.
Tax Extenders Bill Passes Congress
Late Tuesday, the Senate passed the Tax Extenders Bill which retroactively reinstates over 50 tax provisions that expired at the end of 2013. Unfortunately, all of those provisions are only good through the end of 2014, so they will all re-expire in two weeks. Doesn’t congress make tax planning interesting?
New Tangible Property Rules: Repair/Capitalization Regulations
Every taxpayer who owns rental property or a business with depreciable property has some important new changes and choices to make for their 2014 tax returns. Some of this is discussed in Rev Proc 2014-16. If you haven’t discussed this with your local Enrolled Agent or other competent professional, I would advise you to have […]
More on Obamacare Individual Mandate
To follow up on what I posted last week, there are certain hardship exemptions which can be applied for on the 2014 return without advance approval from the Marketplace. A list of those hardship exemptions can be found on IRS Notice 2014-76
Obamacare Individual Mandate
Most taxpayers who do not have health insurance will be required to pay a fee for being uninsured. There are numerous hardship exemptions but they must be applied for and approved prior to filing your 2014 tax return. Upon approval, an exemption certificate number (ECN) will be issued which must be included in the 2014 […]
New mandate for CA employers
On 9/10/14, Governor Brown signed a new law which makes California the second state in the nation to mandate paid sick leave for nearly all employees in the state. This law applies to nearly all public and private employers with one or more employees. The law takes effect on July 15, 2015, but employers should […]