Entries by Joanna Castle

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

Article Highlights: Primarily Business Primarily Vacation Special Circumstances Foreign Conventions, Seminars and Meetings Cruise Ships Spousal Travel Expenses Effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including […]

States’ SALT Deduction Workarounds Shot Down

Article Highlights: Limit on Tax Allowed as an Itemized Deduction States’ Attempted Workarounds Supreme Court Ruling Final Regulations Notice 2019-12 The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax […]

School’s Out – Who Is Going to Take Care of the Kids?

Article Highlights: Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and working parents should know about a tax break. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. […]

Would a Mid-Year Tax Checkup Benefit You?

Article Highlights: Procrastination Can Lead to Unnecessary Taxes & Penalties Events That Create Tax Problems & Opportunities Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your taxes and […]

The Life of an Estimate in QuickBooks Online

Estimates-or quotes, or bids-are useful tools when you’re pitching a sale of products or services. Here’s how QuickBooks Online handles them. Sales estimates are standard procedure in many professions. You wouldn’t authorize a car repair without one. Nor would you OK a remodeling job on your kitchen or a summer’s worth of yard landscaping without […]

Gift Tax Treatment of Tuition Plans

Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable […]

Electric Vehicle Credit on the Decline

Article Highlights: Tax Credit Credit Phase-Out Tesla General Motors Determining the Credit Off-Road Vehicles and Golf Carts Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage In 2009, Congress created a tax credit for the purchase of electric vehicles as a stimulus for car companies to manufacture “green” vehicles, and as an […]

What is an IRS Penalty Abatement and Am I Eligible for One?

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly state items on your tax return. But were you aware that sometimes, the IRS can issue penalty abatements if you […]

Protecting Yourself from Scams, ID Theft and Cyber Criminals

Article Highlights: ID Theft What’s in Your Wallet or Purse Phony E-mail Pop-up Ads Only Access Secure Websites Avoid Phishing Scams Security Software Educate Children Passwords Phony Charities Impersonating the IRS Back Up Files If It Is Too Good to Be True As much as the Internet has changed our lives for the good, it […]