Money Talks: The Blog of Morris+D'Angelo
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18 Oct
Federal Income Tax Savings, Home Sale Gain, Home Sale Gain Exclusion Break, Income Tax gain Exclusion Break, Income Tax Savings, Principal Residence Gain Exclusion Break, Principal Residence Tax Break, Qualified Individual, Real Estate Taxes, Residential Real Estate, Unrecaptured Section 1250 Gain

Refresher: Principal Residence Gain Exclusion Break (Part 3 of 3)

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo With residential real estate markets ... more
12 Oct
Federal Income Tax Savings, Home Sale Gain, Home Sale Gain Exclusion Break, Income Tax gain Exclusion Break, Income Tax Savings, Principal Residence Gain Exclusion Break, Qualified Individual, Real Estate Taxes, Residential Real Estate, Safe-Harbor Rule, Unrecaptured Section 1250 Gain

Refresher: Principal Residence Gain Exclusion Break (Part 2 of 3)

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo With residential real estate markets ... more
5 Oct
Federal Income Tax Savings, Home Sale Gain, Home Sale Gain Exclusion Break, Income Tax gain Exclusion Break, Income Tax Savings, Principal Residence Gain Exclusion Break, Real Estate Taxes, Residential Real Estate

Refresher: Principal Residence Gain Exclusion Break (Part 1 of 3)

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo With residential real estate ... more
27 Sep
Internal Revenue Service, IRS, IRS Audit, Later Tax Returns, Tax Extension, Tax Penalty, Tax Returns

Big Mistake: Filing Your Tax Return Late

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo What’s Late? You are allowed to ... more
21 Sep
IRS Disclaimers, IRS forms, IRS Tax Audit, Non-Acquiescence, Revenue Procedure, Revenue Ruling, Tax Audit, Tax Authority, Tax Court, Tax Law, Tax Rule

Find the Winning Tax Law for Your IRS Audit

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 ... more
14 Sep
Business Income, Business Income Limit, Married Taxpayers, S Corporation, Schedule C Net Income, Section 179 Deductions, Separate Tax Returns, W2

Tax Savings for Married Taxpayers Claiming Section 179 Deductions

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 ... more
7 Sep
COVID Tax Credits, Employee Retention Credit, ERC, Paycheck Protection Program, PPP, PPP Forgivable Loan, Small Business

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

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 ... more
31 Aug
Employee Retention Credit, ERC, COVID Tax Credits, PPP Forgivable Loan, Paycheck Protection Program, PPP, Small Business

Don’t Miss Out on the Employee Retention Credit

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 ... more
24 Aug
Home Office, Home-Office Deduction, Income Limit, IRS, IRS Income Limit

IRS Income Limit Mistake on Home Office Deduction

Can you ever imagine that the IRS could ever be wrong? If the IRS were wrong, what would be your strategy? Situation You use the office in your home as the ... more
17 Aug
Bitcoin, Blockchain, CPAs, Crypto Currency, Crypto Exchanges, Crypto Transactions, Digital Asset Sale, Infrastructure Bill, IRS, Taxes

The U.S. $1 Trillion Infrastructure Package Spotlights Crypto Transactions / Crypto 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 ... more
10 Aug
and Economic Security Act, CARES Act, Coronavirus Aid, Coronavirus Relief, Coronavirus-Related IRA, CRDs, CVD Basics, IRA, IRA Money, re-contributions, re-contributions, Relief

You Took Coronavirus-Related IRA Money Last Year: What Now?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo If you’re a traditional IRA owner ... more
2 Aug
Attic Office, Garage Office, Garage Space, Home Office, Home-Office Tax Deductions, Tax Law

Can Home-Office Tax Deductions Include Garage Space?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Do you claim a tax deduction for a ... more
20 Jul
Business Deductions, Business Mileage, Business Mileage Rules, Home Office, Mileage Deductions, Multiple Offices, Temporary Office, Temporary Work Location

Know These Four Magic Business Mileage Rules

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 ... more
13 Jul
CDC, Centers for Disease Control and Prevention, In-Person Meetings, Non-Essential Meetings, Social Distancingm Safe Meetings, Teleconferencing, Videoconferencing, Virtual Meetings, Zoom

Tax Pros Speak: Returning to In-Person Meetings

Good News or Challenging News… depending on how you want to look at it we appear to be nearing “normalcy” from the COVID-19 Pandemic that still requires our ... more
6 Jul
ACA Premium Tax Credits, EIDL, Family Leave Tax Credits, Form 1040, Pandemic Unemployment Assistance Program, PPP Money, Schedule C, Self-Employed Business, Unemployment Benefits

Self-Employed During the Pandemic? Uncle Sam Didn't Forget About You

In the past, Uncle Sam made no special effort to help you as a self-employed individual. For example, you had no “safety net” that existed for employees who ... more
25 May
1031, Investment Property. Jobs Act, IRS Section 1031, Real Property, Replacement Property, Section 1031, Tax Code, TCJA

IRS Defines Real Property for Section 1031 Like-Kind Exchanges

The Tax Cuts and Jobs Act (TCJA) tossed an unwanted rule into Section 1031 by forbidding exchanges of personal property. But before we move on, let’s clarify ... more
18 May
Business Entertainment, Business Expenses, Employee Entertainment, Restaurant Meals, Tax Deduction

Helicopter View of Meals and Entertainment (2021-2022)

I thought I'd share some good news as it seemingly "feels" like we might be seeing some improvements of our current COVID-19 protocols that would allow us to ... more
11 May
Annual Picnics, Company Outings, Employee Entertainment, Employee Recreation, Holiday Parties

Deduct 100% of Your Employee Recreation and Parties

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo You take Bill, your best custom... more
4 May
Business Deductions, Business Expenses, Business Meal Deductions, Business Meals, COVID-19 Meal Deduction, Grubhub, Meal Deductions, Restaurants, Takeout, Uber Eats

Deduct 100 Percent of Your Business Meals under New Rules

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo As a subscriber (member), you know ... more
13 Apr
1040 Tax Breaks, CARES Act, Charitable Contributions, Coronavirus Aid, Economic Security Act, IRS Schedule A, Payroll Tax Deferral Repayment, Relief, Tax Deduction

New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer. more
6 Apr
California, California Employers, California Paid Sick Leave, COVID-19 Supplemental Paid Sick Leave, Governor Newsom, Paid Sick Leave, Supplemental Paid Sick Leave

New COVID-19 Supplemental Paid Sick Leave is a New Requirement as of March 29, 2021, for California Employers

In California starting March 29, 2021, by Senate Bill 95, signed by Governor Newsom on March 19, 2021 (California Supplemental COVID-19-related Paid Sick Leave, ... more
30 Mar
401(k), Employer Contributions, Net Worth, Retirement, Self-Employment, SEP-IRA, Sole Proprietorship, Solo 401(k), Tax Deductions, Tax-Deferred

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

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: more
23 Mar
Cares Act, Coronavirus Aid, Covid-19 Tax Relief, Crd, Tax Relief, Tax Relief Measures

Update: COVID-19 Tax Relief Measures after the New Law

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) ... more
15 Mar
Income Taxes, Tax Economics, Tax Literacy, Tax Rate, Tax Revenue, Taxes

Tax Economics: What You Should Know and Why You Should Care

Taxes impact each of us. Each of us differently. Tax is the polite term for paying for rendered services and tax authorities seek ways to extract the most from ... more
11 Mar
Capital Assets, Capital Gains Tax, Economics of Taxation, Governor Jay Inslee, Seattle, Taxpayer Relief Account, Washington State

And Soon, There May Only Be Eight…States Without an Income Tax

Washington State is on the verge of joining Oregon, California, and 40 other states by implementing a Capital Gains Tax. Washington State Income Tax proposals have ... more
9 Mar
Death Certificates, Estate Planning Lawyer, High-End Home, Investment Accounts, Life Insurance Policies, Probate, Real Estate, Retirement Accounts, Revocable Trust, Safe-Deposit Boxes

Handling Key Non-Tax Financial Issues When a Loved One Passes Away (Part 3 of 3)

Over the last couple of weeks, I’ve discussed and published some suggestions on how you might proceed when a financially comfortable loved one has passed away and what you might do to prepare toward preserving your Estate or your duties as an Executor. more
2 Mar
Decedent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning

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

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. more
23 Feb
Decendent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning

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

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. more
16 Feb
COVID Grants, COVID-19 Government Grants, Economic Injury Disaster Loan, EIDL, Low-Interest EIDL, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration

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

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. more
9 Feb
Paycheck Protection Program, PPP, PPP Money, Second-Draw PPP Loan, Tax-Free PPP Money

Round 2: Additional Tax-Free PPP Money for You?

Is it “Tax-Free Money” or is it a “Loan” Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”? more
2 Feb
Coronavirus Aid, COVID Tax Relief Act of 2020, Federal Forgiveness Rules, Loan Proceeds, Paycheck Protection Program, PPP, PPP Loan

Good News: There are New Paycheck Protection Program (PPP) Forgiveness Rules for Past, Current, and New PPP Money

The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money. more
3 Dec
0 Percent Capital Gains, and Family, Kids, Married Couple, Mortgage Deductions, Tax Bracket, Tax Strategies for Marriage

2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your ... more
1 Dec

2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your Stock Market Portfolio can represent a little gold mine of opportunities to reduce your 2020 income ... more
29 Nov

2020 Last-Minute Year-End Tax Deductions for Existing Vehicles

It's the last week in November 2020 and it’s time to examine your existing Business and Personal (yes, Personal) Cars, SUVs, Trucks, and Vans for some profitable ... more
27 Nov

2020 Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you ... more
25 Nov

2020 Last-Minute Year-End Retirement Deductions

Your Retirement Clock continues to tick; all of a sudden, your retirement is one year closer. You have time before December 31, 2020, to take steps that will ... more
23 Nov

2020 Last-Minute Section 199A Tax Reduction Strategies

As a Business Owner, U.S. Tax Deductions are always welcome. But remember, deductions aren’t static. Allowable U.S. Tax Deductions change over time, and some go ... more
21 Nov

2020 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2020 Tax Deductions? If yes, please read on. Next easy question: Do you need a replacement Business Vehicle? If ... more
19 Nov

2020 Last-Minute Year-End General Business Income Tax Deductions

The purpose of this guidance (along with the near term future articles to be published in the next few days) is to assist our customers and friends pay less tax in ... more
17 Nov

The Best Way to Reduce Your 2020 Income Taxes is with Year-End Tax Planning

We can demonstrate there is water but if they are neither thirsty nor self-reliant then they will die of thirst while surrounded by abundant lakes, streams, rivers, ... more