New Tax Law: New Deductions

One of the most significant changes in the new tax law is the doubling of the Standard Deduction.    If you file as a “Single” taxpayer, you can take a standard deduction of $12,000 in 2018, which is double what you could take on your 2017 tax return.  If you are “Married Filing Jointly”,  you can […]

Hire Your Children and Save a Bundle on Taxes

If your children go to private school, is their tuition tax deductible? The answer is no. If your teenager goes to summer camp, would the cost be deductible? Again, the answer is no. If you were to pay for your daughter’s college or wedding expenses, would you be able to write-off these costs on your […]

Three Steps To Take So You Won’t Miss Out on Meals and Entertainment Deductions

Real estate agents and self-employed individuals miss out on thousands of dollars in meals and entertainment deductions because their record-keeping has holes in it, or their accountant is too conservative and hesitates to take legitimate deductions. Here’s three simple steps to take to maximize your legal deductions in this area. 1. Respect the IRS–don’t fear […]

Three Key Questions To Ask When You Select a Tax Accountant

Are you satisfied with the taxes you’re paying? Confident you’re taking every possible deduction on your tax return? If your answer is ‘no’, it may be time to select a new tax preparer. Here’s 3 key questions to ask in choosing your next accountant. 1. What kinds of clients do you work with? You’ll benefit […]

Do you fear an IRS Audit?

The second biggest tax mistake you can make is fearing, rather than respecting the IRS. Do you fear an IRS audit? Do you suffer from “audit paranoia”? Yesterday I sat down with a potential new client and reviewed last year’s tax return. OMG. She had paid really big bucks to a really big out of town […]

Do you need to make Quarterly Estimated Tax Payments?

Do you need to make Quarterly Estimated Tax Payments? Here’s the What, Who, When, Why and How What is Estimated Tax? It’s the method used to pay tax on income that is not subject to withholding. W-2 income has taxes withheld. On the other hand, 1099 income typically has no tax withholding. Neither does rental income, […]