It is not enough to do your best; you must know what to do, and THEN do your best. W. Edwards Deming
Tax Help Question: Claim Charitable Deduction for Providing Services
Question: I am donating business services to a church. Can I deduct my time spent as charitable contribution? If so, how do I record my time? Do I issue the church an invoice for my time?
Fake IRS Garnishment Notices
You are getting bombarded with calls and letters due to owing back tax balances. Watch out for all the tricks companies use to solicit your business.
Claim Significant Other as Dependent to File Head of Household
There are tax advantages for filing head of household compared to filing single. Can you file head of household by claiming your significant other, such as boyfriend or girlfriend, as a dependent?
Claiming Exemption for Spouse on Married Filing Separate Return
You may decided to file married filing separate because you do not want your spouse to be responsible for your taxes. If you do decide to file married filing separate, are you allowed an exemption for your spouse?
Website Quote of the Month – June, 2013
Great mines have great purpose, others have wishes. Little minds are tamed and subdued by misfortune; but great minds rise above them. Washington Irving
Quote of the Month – May 2013
He who says he can and he who says he can’t are both usually right. Confucius
Basic Rules for Paying Estimated Taxes
This is topic no one really wants to discuss because most people dislike paying the IRS on a quarterly basis. Who wants to take money from their earnings to pay Uncle Sam? To date, we have not found anyone that enjoys this process. But it is a necessary evil. Failing to pay estimates can lead to large tax bill at the end of the year including a significant amount of penalties. This blog reviews the basic rules for paying estimated taxes. Continue reading…
Home Office Deduction Alternative
Deducting your home office is usually a debated expense to take on your tax return. You may be reluctant to take this deduction because you did not keep good business records to claim the deduction. Recently, the IRS announced an optional safe harbor method for determining your home office deduction. If the safe harbor method is used, you are not required to keep records. Continue reading…
Pitfalls of Charitable Contribution Deduction Record Keeping
The charitable contribution deduction is one of the main deductions most individuals claim on his or her personal tax return. It is also a deduction some taxpayers and practitioners claim without supporting documentation. What are the proper record keeping rules for the charitable contribution deduction? Continue reading…