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Find the Winning Tax Law for Your IRS Audit

IRS Disclaimers, IRS forms, IRS Tax Audit, Non-Acquiescence, Revenue Procedure, Revenue Ruling, Tax Audit, Tax Authority, Tax Court, Tax Law, Tax Rule
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo If you ever find yourself in a dispute with the IRS, it's probably a good idea that you know which documents you will need that will help your case. In this article, I will help you understand my preferred sources of Tax Authority; rules that absolutely bind the IRS and the Rules IRS gives credence to. Know Your Audience When you search for Tax Rules, keep your audience in mind. As you’ll see, the IRS and the courts disagree over the ...

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Tax Savings for Married Taxpayers Claiming Section 179 Deductions

Business Income, Business Income Limit, Married Taxpayers, S Corporation, Schedule C Net Income, Section 179 Deductions, Separate Tax Returns, W2
If you are married, you need to know three special rules that can benefit your Section 179 deductions: The Section 179 business income limit includes W-2 income earned by both you and your spouse. Section 179 expensing treats you and your spouse as one taxpayer. If you and your spouse file separate returns, you need to make an overt election of how you are going to share your Section 179 deductions. The W-2 For Section 179, among other purposes, employees are engaged in the active conduct of the trade or business of their employment. Thus, wages, salari...

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Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

COVID Tax Credits, Employee Retention Credit, ERC, Paycheck Protection Program, PPP, PPP Forgivable Loan, Small Business
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo You are not cheating when and if you use a loophole. The dictionary defines “Loophole” as a means of escape ... it’s a small opening to admit light and air or to permit observation. When it comes to tax losses on Bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current ...

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Don’t Miss Out on the Employee Retention Credit

Employee Retention Credit, ERC, COVID Tax Credits, PPP Forgivable Loan, Paycheck Protection Program, PPP, Small Business
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Since the start of all the challenges that the COVID-19 pandemic brought to us with all of its mandates, many inconveniences, and I’m sure business anxiety, one thing is for sure; that your U.S. Government does not want your small business to fail. The U.S. Federal Government wants your small business to survive and likely thrive. Since COVID-19 struck, the government has created free and/or easy money in the form of tax credits and loans that ...

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The U.S. $1 Trillion Infrastructure Package Spotlights Crypto Transactions / Crypto Taxes

Bitcoin, Blockchain, CPAs, Crypto Currency, Crypto Exchanges, Crypto Transactions, Digital Asset Sale, Infrastructure Bill, IRS, Taxes
It appears that the U.S. Senate is moving closer to passing a $1 trillion infrastructure package recently after lawmakers from both parties came together and voted to clear a key procedural hurdle. The measure would provide a massive injection of federal money for a range of public works programs, from roads and bridges to broadband Internet access, drinking water, and more. This occurred over this weekend in a rare showing of bipartisanship. For those of us who are paying attention, especially for our Customers, there is a provision, tucked inside this massive ...

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Know These Four Magic Business Mileage Rules

Business Deductions, Business Mileage, Business Mileage Rules, Home Office, Mileage Deductions, Multiple Offices, Temporary Office, Temporary Work Location
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo When you know the rules related to business mileage, you Protect yourself in the event of an IRS audit, and Pay less tax. Take Henry, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted 92 percent. Or look at poor Mark; he lost almost all his vehicle deductions in an IRS audit. Be like Henry! Here’s how... Start with this brief four-question quiz on the ...

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SEP-IRA vs. Solo 401(k): Which Should You Choose?

401(k), Employer Contributions, Net Worth, Retirement, Self-Employment, SEP-IRA, Sole Proprietorship, Solo 401(k), Tax Deductions, Tax-Deferred
How do you multiply your net worth? Let the government help Here’s how: with both the SEP-IRA and the Solo 401(k) retirement plans, investing in your tax-favored retirement:

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Tax Considerations When a Loved One Passes Away (Part 2 of 3)

Decedent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The now-deceased loved one may have been single or married and may have been a relative or not.

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Tax Considerations When a Loved One Passes Away (Part 1 of 3)

Decendent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
During these challenging times dealing with COVID-19 and the additional challenges economic and otherwise it brings, if a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning.

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New Laws—COVID-19-Related Government Grants: Taxable or Not?

COVID Grants, COVID-19 Government Grants, Economic Injury Disaster Loan, EIDL, Low-Interest EIDL, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration
In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.

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