IRMAA Tags Recreational Gambler with Big Medicare Premium Increase
You may remember Jacob Bright from last week's article about weekend gambling.
In 2023 "Last-Minute Year-End Tax Strategies for Your Stock Portfolio", you state in Strategy 4, “Don’t die with Loss carryovers.”
I ask, ...
If you gamble, you must pay attention to your taxes.
Imagine this. You gamble during the year, lose money, and pay $13,898 in taxes on your gambling activity. ...
Are you a citizen of both the U.S. and another country?
Or perhaps you are considering becoming a dual citizen of the U.S. and another country.
The purpose of this article is to get the IRS to owe you money.
Of course, the IRS will not likely cut you a check for this money—although in the right ...
Do you need a replacement business car, SUV, van, or pickup truck?
Do you need tax deductions this year?
Do you need a tax credit to offset what you ...
If, in 2024 (right around the corner), you start a small business or buy a rental property using a new limited liability company (LLC), you can trigger the need to ...
Remember Mel Practess, the attorney you met last month who came out ahead by using his wife’s car for business?
Once Mel and Sharpe, his wife, started using ...
IRC Section 280A(g), also known as the Augusta rule, states:1 “Notwithstanding any other provision of this section or section 183, if a dwelling unit is used ...
In its e-News for Tax Professionals dated September 15, 2023, the IRS published these articles on the Employee Retention Credit:
IRS orders immediate stop to ...
Tax-related issues can be complex and challenging, especially when it comes to charitable donations. In this article I explore the tax-related problems faced by ...
Last week, the IRS provided tax relief to taxpayers who lived in Hawaii, where wildﬁres caused disaster.
It also provided tax relief to taxpayers in Illinois ...
Depreciation is a pivotal concept for anyone with assets in the business or rental sector.
Yet despite its signiﬁcance, depreciation can leave many taxpayers ...
You could run into the ugly hobby loss rule if you have an activity that creates a tax loss.
Why “ugly”? Because you could lose all your deductions and pay ...
I am a full-time real estate investor. In May, I paid about $15,000 for a one-week boot camp.
I know that the law does not allow deductions for ...
If you operate your business as a C or an S corporation and if you loan money to the corporation or the corporation loans money to you, you need documentation that ...
After a many-month-long wait, the IRS has ﬁnally issued its proposed regulations for the new clean vehicle tax credit and the commercial clean vehicle credit.
When the $75 rule applies, you don’t need a receipt.
The problem with this rule is that it is often thought to apply to all tax deductions. That’s wrong.
It's no secret that you have many tax advantages when you operate your own business.
For example, setting up a business gym on your business premises or in a ...
Yes! Potentially, in two different ways. Here’s how.
Payments for Job-Related Education
Your business can reimburse an employee for certain education ...
The NCAA men's college basketball national tournament is one of the most exciting sporting events of the year. It pits the best college basketball teams against ...
Do you have money in a retirement account you’re itching to get your hands on?
If you’re under age 59 1/2, you typically have to pay a 10 percent penalty ...
The global food supply chain is complex and interconnected. Independent and associated producers, brokers, distributors, truckers, and front-line personnel collec...
The recent collapse of Silicon Valley Bank (SVB) and Signature Bank has raised concerns about the impact of bank failures on taxpayers. When banks fail, there is a ...
This is a story about Erin, a young woman who aspired to achieve financial success. Like many, she believed luck to be the sole key to success. Erin chased luck for ...
As someone who plays a reasonable amount of poker, I've learned that reading people is an art. The same principle applies to the business world, where how we ...
I'm almost certain that like myself you have some friends or acquaintances that have embraced the "Getting Back to Basics" lifestyle during the past couple of years ...
Good or Bad, Better or Worse, these Covid-19 impacted years have crystalized an experiential evolution in the modern workplace… Remote Working!
And, I am ...