New IRS Tax Audit Rules for Partnerships

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

Five Last Minute Tax Reduction Strategies

1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses right now reduces your taxes this year, without question. While it’s true you kicked the […]

2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family

Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on Your Payroll Did your children under age 18 help you in your business this year? […]

Last Minute Year-End Tax Strategies for your Stock Portfolio

The beauty of tax planning your year-end stock portfolio is that it might cost you pennies in commissions but allow you to pocket real money. Here’s the basic strategy: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income. Lower the taxes to zero—or if you can’t do that, then […]

Last Minute 2018 Year-End Tax Planning

Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2018 expenses right now reduces your taxes this year, without question. While it’s true you kicked the […]

Business Vehicle Purchase under New Tax Law 2018

Thinking about a Business Vehicle purchase?  Two Questions: Do you need a replacement business car, SUV, van, or pickup truck? Do you need tax deductions this year? Here are some ideas for you to consider: Buy a New or Used SUV, Crossover Vehicle, or Van with a GVWR Greater than 6,000 Pounds Let’s say that […]

IRS Allows Client and Prospect Business Meal Deduction

Ted’s Tax Saving Tips Vol 201811 IRS Says TCJA Allows Client and Prospect Business Meal Deduction In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent […]

Big Changes to Alimony Happen January 1, 2019

It is urgent that those getting divorced consider the changes in Alimony tax treatment of any agreements executed after December 31, 2018.  The Tax Cuts and Jobs Act (TCJA) dramatically change the deductibility of alimony to ZERO! For all divorce agreements executed after December 31, 2018, alimony is not deductible for those paying nor is […]