TRUCK DRIVERS STATUS HURTS SUPPLY CHAIN

Truck drivers status hurts supply chain. The type of status you have and list on your tax return, will determine the type of tax return you fill out and the type of taxes you have to pay. If you make a mistake the IRS can come back on you. We had a partnership that dissolved, […]

COVID SLOWS DOWN TAX REFUNDS AT IRS

Covid slows down tax refunds at IRS. Due to the government lockdown of the IRS during the IRS pandemic’s winter months, both in 2020 and 2021, the IRS has had a difficult time catching up with the Tax Returns that have been filed, and at the same time they are trying to overhaul the oldest […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (the […]

BLOOMBERGS TAX PLAN EXPLAINED

Bloombergs tax plan explained. As part of President Trump’s signature legislation–the Tax Cuts and Jobs Act–the top rate on ordinary income–things like wages, business income, and interest income, was reduced from a high of 39.^% to 37%. Of course, the U.S. tax system is a progressive system, meaning we pay higher taxes as our income […]

PART OF GENETIC TESTING IS MEDICAL CARE

Part of genetic testing is medical care. In a redacted Private Letter Ruling the IRS has ruled that a portion of ancestry genetic testing (consisting of a DNA collection kit and health services) is medical care and hence, that portion of the costs of the services and kit is potentially deductible. The IRS left it […]

IDEAS FOR TAXING THE RICH

Ideas for taxing the rich. It’s no accident that the Democratic Party went from wanting a 39.6 percent top tax rate to wanting much more. The 1990’s Democratic Party made friends with the rich. The 2008 Democratic Party was eager to bail them out. The 2019 Democratic Party seems ready to declare war. In just […]

TAX SMART MOVE FOR 70 YEAR OLDS

Tax smart move for 70 year olds. Those who have reached the age of 70 and a half. You can make donations to an IRS approved charity out of your IRA. These so called qualified charitable contributions (CQDs) are not a permanent feature of the tax law–unless Congress changes its mind. To take maximum advantage […]