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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

July 10, 2019   |   0
Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

ledger sheet with multiple columns

The short answer is No. The numbers are different. Federal and most State tax returns subtract for fringe benefits (e. g. 401K), adjustments (e. g. student loan interest) and/or a standard deduction before calculating total taxable income also known as Adjusted Gross Income or AGI. However, Cities usually base their taxable income on the Box … Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

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July 3, 2019   |   0
Self Employment, Financial Freedom or IRS “Invitation” ?

fireworks at sunset silouette of person holding a candle

Are you a self-employed business owner?   It’s great to set your own hours and choose your “job”.  However, if a business owner isn’t careful, the ticket to financial freedom–the business–can be an “invitation” for an IRS inquiry .  . . The IRS defines a business as a FOR PROFIT activity. Translation: Just because you call … Self Employment, Financial Freedom or IRS “Invitation” ?

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June 27, 2019   |   2020
I Didn’t File My Taxes . . .What Now?

woman setting at computer desk holding her head

Yes, it’s after April 15th. However, “forgetting” to file isn’t fatal if it’s addressed quickly. This article is limited to individual Federal Tax filing requirements. State and cities may have additional tax filing requirements. Question 1: Is filing Federal Tax Return required? Not required  for self employed taxpayers with income under $400.00 OR For taxpayers … I Didn’t File My Taxes . . .What Now?

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May 29, 2019   |   0
Saving $ on Health Insurance?

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Health Insurance costs are rising. One way to reduce health insurance premiums is to enroll in a high deductible health insurance plan and to pair that plan with a (tax deductible) Health Savings Account. For 2019 A high deductible health insurance plan has deductible of at least $1,400 (for individual coverage) or $2,750 (for family … Saving $ on Health Insurance?

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March 1, 2019   |   0
Meals Expense Deductible? It Depends

man with coffee talking to a woman in a business suit outside building

The 2017 Tax Cuts and Jobs Act suspended some deductions and sidestepped others.  One of those deductions is the meals expense. For most employees, the meal expense (or per diem) tax deduction is suspended until tax year 2026 (no tax deduction). However, self employed individuals (or those receiving a 1099 Misc) and STATUTORY employees (e.g. … Meals Expense Deductible? It Depends

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January 30, 2019   |   0
Why File Taxes Early?

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To avoid tax related identity theft Most identity thieves file “phony” returns early so that the IRS receives the phony forms before the “real” taxpayers have time to file. After a tax return is electronically filed, any other individual electronically filed return for the same tax year and same social security number is rejected. So … Why File Taxes Early?

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