So many changes in tax code have created a huge discussion as far as how do I know what I don’t know. How does me not knowing, affect me and my taxes for the 2019 tax year and forward? The tax laws are becoming more demanding of our money. So many of the tax changes…

December 2019 Section 105 Medical Expense Deduction Plan for Statutory Employee Questions and answers. This may sound a bit daunting, but the information here is very important so you don’t leave money on the table for the IRS to tax. Questions from a statutory employee: One thing I’m not sure about is Section 105 medical…

December 2019 Dynamex Causing Incorrect W-2 Classifications for Independent Contractors Questions I have a client who works as a traveling salesman for a well-known manufacturer of athletic shoes and apparel. He was paid as an independent contractor through 2017. Beginning in 2018, he was paid through the company’s payroll and issued a W-2 form. My…

Dear Client: As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most assets, including cash, between you and your…

I’m not interested in re-inventing the wheel. When the experts write, it is always important to share the wealth of information with you. This is really an important conversation to have. It reinforces the conversations I have with my clients who are considering becoming self-employed. What the IRS doesn’t tell you about self-employment taxes By…

Do you sell Avon, Nerium, Amway, etc? Are you running a business or have you set yourself up to be a hobby? This was an article written in 2018 I came across. I was asked to repost it. HomeBuilding Your Avon Business9 Ways to Make Sure Your Avon Business Is Not Just a Hobby Let’s…

Can taxes be discharged in bankruptcy is a question I get frequently. I have had to have this discussion with a few clients lately because they are in a terrible financial place. We talked about the possibility to discharge some of their tax debt and their other debts in bankruptcy. So I did some research….

What is innocent spouse tax relief, and how do you get it? If your spouse made mistakes or flat-out lied on a joint income tax return and you signed it, the IRS holds both of you jointly responsible for any unpaid taxes.1 Simply saying you didn’t understand or you didn’t ask when you signed the…

If you have family members working for you in your S corporation, stop and read this article now. Think of this: You own 100 percent of your S corporation. Your 30-year-old daughter works for your S corporation. She owns no stock. Your S corporation covers her with a group health policy. Did your S corporation…

When I meet with people who have small to medium sized businesses, I always talk to them about their family. I got my kid when she had just turned 10. She was a part of the package that came with my husband, the love of my life. I for one am so glad that I…