Posts Tagged "Tax Tips"


  Qualified medical expenses are deductible to the extent that they exceed 7.5% of your adjusted gross income (AGI) for 2018 and 2019. Starting 2020, the deductibility threshold increases to 10% of your AGI. AGI is the bottom number on the first page of your personal income tax return (Form 1040). What are Medical Expenses? Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of...

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  The IRS has provided two general purpose safe harbors for claiming a casualty loss related to a personal residence and its contents (in Revenue Procedure 2018-8), as well as one tailored for the hurricanes that took place in 2017(Revenue Procedure 2018-9). In a Revenue Procedure, IRS has provided a safe harbor method under which individuals may use one or more cost indexes to determine the amount of loss to their homes as a...

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  Discover Four Benefits of the Safe Harbor Expensing Rules   For 2018, you can elect the de-minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or something similar). The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the rules of the safe harbor. Here are four benefits of this safe harbor: Safe harbor...

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  This is another story from the war zone. This is not a new subject, it has been covered many times by myself and many other tax professionals; the importance of good record keeping. However, it seems not to be at the top of the priority list of business owners until the IRS comes knocking at their doors for an audit. Trying to recreate what happened two or three years ago it almost impossible, maybe that is part of the IRS...

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  Tax Day is on Tuesday, April 18th this year due to a Federal Holiday. I know there are some of you out there who have not filed your tax returns yet. If you are one of them, this article is for you. Here will we explore three areas of your tax return that will yield the highest impact in the amount of your refund or the reduction of your income tax liability. The three areas Adjustments, Deductions and Credits. You will find...

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