Money Talks: The Blog of Morris+D'Angelo
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22 Nov
2022 Tax Deductions, 2022 Vehicle Purchases, Bonus Depreciation, Cargo Van, Electric Vehicles, Gross Vehicle Weight Rating), GVWR, Hybrid Electric Vehicle, Minivan, Passenger Van, Section 179, Short Bed Truck, Tax Cuts and Jobs Act, TCJA, Vehicle Deduction, Vehicle Purchases

2022 Last-Minute Vehicle Purchases to Save on Taxes

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 owe to the ... more
15 Nov
2022 Federal Tax, General Business, IRS, IRS Safe Harbor, QIP, Qualified Improvement Property, Tax Cuts and Jobs Act, Tax Deductions, TCJA, Year-End General Business Income Tax Deductions, Year-End Tax Deductions

2022 Last-Minute Year-End General Business Income Tax Deductions

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 ... more
8 Nov
Alternative Energy, Battery Storage, Biogas, Business Energy Investment Tax Credit, Domestic Content Bonus, Energy Community Bonus, Fuel Cells, Geothermal, Inflation Reduction Act, Investment Tax Credit, Low-Income Community Bonus, Microgrid Controllers, Microturbines, Renewable Energy, Solar Panels, Tax Credit, Waste Energy Recovery

New Law Improves Energy Tax Benefits for Biz Owners and Landlords

The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental properties. ... more
1 Nov
Artwork, Autographed Baseballs, Autographs, Baseball Card Collection, Baseball Cards, Depreciable Property, Memorabilia, Office Decorations, Office Ornamentation, Recovery Property, Signed Jerseys, Simon v Commissioner, Sports Memorabilia, Sports Photographs

Baseball Cards and Memorabilia as Office Decorations

With the United States baseball championship well underway in this year's 2022 World Series, I received an interesting question about Sports Memorabilia (Baseball ... more
25 Oct
Business Taxpayers, Clean Vehicle Credit, Domestic Assembly Requirement, Domestic Sourcing Requirements, Electric Vehicle Batteries, Electric Vehicle Price Caps, Electric Vehicles, EV, Inflation Reduction Act, Personal Use Electric Vehicles

Buying an Electric Vehicle? Know These Tax Law Changes

Are you thinking of buying an electric vehicle or a plug-in hybrid? And are you looking to benefit from the $7,500 tax credit? If so, you have much to ... more
18 Oct
Business Credit, Business-Use Electric Vehicles, Clean Vehicle Tax Credit, Commercial Clean Vehicle Credit, Depreciable Property Requirement, Electric Business Vehicle, Electric Vehicles, Inflation Reduction Act, New Cost Limits:, New Income Limit:, Personal Use Electric Vehicles

New Law: Business Tax Credits for Your Electric Vehicle Purchases

Three things to know about this new law: The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from ... more
9 Oct
California Civil Rights Department, California Employers, CRD, EEOC, Equal Employment Opportunity Commission, Hiring Process, Job Postings, Racial Pay Gaps, Salary History, Salary Ranges, SB 1162, Senate Bill 1162, Transparency Requirements, Wage Transparency

Part 2: California’s Pay Transparency Act (SB 1162) – Are You Ready?

Last week I reported that more pay transparency was coming to California. The Golden State is joining New York City, Colorado, and Washington in requiring employers ... more
3 Oct
California Civil Rights Department, California Employers, CRD, EEOC, Equal Employment Opportunity Commission, Hiring Process, Job Postings, Racial Pay Gaps, Salary History, Salary Ranges, SB 1162, Senate Bill 1162, Transparency Requirements, Wage Transparency

Part I: California's New Law Requires Companies Post Salary Ranges on Job Listings

California just signed into legislation (09.27.22, Senate Bill 1162) that will require all employers based or hiring in the state to post salary ranges on all job ... more
27 Sep
Business Entity, C Corporations, Cap Table, Cap Table Management, Capitalization Table, Financial Technology, FinTech, Investors, Limited Liability Companies, Pass-Through Entities, S Corporations, Venture Capital, Venture Capital Financing, Venture Capital Firms

Thinking About Venture Capital Financing for Your Company… Start with this…

Depending on where you’re sitting, you may have heard conflicting market rumblings suggesting that the ongoing economic (Venture Capital) scene is making it ... more
19 Sep
Bank Secrecy Act, BSA, CFTC, Commodity Futures Trading Commission, Crypto, Crypto Consumers, Cryptocurrencies, Digital Assets, Digital Currency, Federal Trade Commission, FTC, Money Laundering, Protections and Trade Commission, Regulate Crypto, SEC, Security and Exchange Commission

The White House Wants to Regulate Crypto

Last Friday (09.16.22) the Biden administration presented a framework for regulating cryptocurrencies and other digital assets. This action denotes the first time ... more
13 Sep
Non-Resident PTE Owners, Owner Exclusion, Owner Tax Credit, Pass-Through Entity, Pass-Through Entity Taxes, PTE, PTE Tax, S Corporation, Tax Cuts and Jobs Act, TCJA

Defeat the $10,000 SALT Cap with the PTE Tax (Part 2)

As I explained in Part 1 last week, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) ... more
6 Sep
Owner Exclusion, Owner Tax Credit, Pass-Through Entity, PTE, PTE Tax, Tax Cuts and Jobs Act, TCJA

Defeat the $10,000 SALT Cap with the PTE Tax (Part 1)

Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and ... more
30 Aug
Equitable Owner, Equitable Ownership, Home-Sale Exclusion, Legal Owner, Mortgage Interest, Mortgage Interest Deduction

Claiming Your $250,000 Exclusion When Your Name Is Not on the Deed

In last April's article (2022) "Deducting Mortgage Interest When Your Name Is Not on the Deed", you learned how such a Mortgage Interest Deduction is possible. ... more
23 Aug
Deflation, Inflation, Series I Bonds, Tax-Deferred, Treasury Department, Treasury Direct

Act Now: Earn 9.62 Percent Tax-Deferred

From now (today) through October 2022, you can buy Series I Bonds that pay 9.62 percent interest. And you receive that rate for six months from the time of purcha... more
16 Aug
Employee Retention Credit, Employees, ERC, ERC Qualifications, Government Order, Gross Receipts, Hours of Operation, Nominal Portion, Safe Harbor

Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to ... more
9 Aug
Deductible Contribution, Great Resignation, IRA Contributions, Non-Deductible Contribution, Non-Working Spouse, Self-Employed, Self-Employment, Spousal IRA Contributions, Spousal IRAs, Tax-Defined Earned Income, Tax-Favored Retirement Plan

Spousal IRAs: What You Need to Know

Last week we presented a "Quick and Dirty Guide to Tax Issues and Savings" if you decided to join the ranks of the Self-Employed or maybe you're still considering ... more
2 Aug
QBI, Qualified Business Income, Self-Employment, Self-Employment Tax, Social Security Tax, Tax Advantages, Tax Cuts and Jobs Act, TCJA

Self-Employment: Quick and Dirty Guide to Tax Issues and Savings

If you're considering joining the Great Resignation and becoming self-employed to be in charge of yourself, pay attention. Before leaping, here are some things to ... more
26 Jul
ACA, Affordable Care Act, C Corporation, Corporate Tax, Corporate Tax Deductions, Form 1120, Health Insurance, Health Reimbursement Account, Owner-Employee, Tax Deductions

Best Health Deduction for Solo Owner-Employee of a C Corporation

Question I have a friend who is the sole employee of his C corporation. Can he continue having his C corporation reimburse him for his health insurance payments? ... more
19 Jul
General Partners, General Partnership, Limited Liability Companies, Limited Partners, Limited Partnership, LLC Members, LLCs, Manager-Managed LLC, Member-Managed LLC, Partnerships, Reasonable Compensation, Shareholders, Sole Proprietorship

When Partners and LLC Members Don’t Pay Self-Employment Taxes

Millions of American businesses legally organize themselves as limited liability companies (LLCs), partnerships, or similar entities. Do their owners have to pay ... more
12 Jul
Business Mileage, Business Mileage Rule, Business Miles, Business Stop, Commuting Mileage, Deductible Mileage, Mileage Log, Mileage Rate, Tax Deductions

How Will You Deal with the New 62.5 Cents Mileage Rate?

Well, the IRS woke up and noticed that average gas prices across the United States now exceeded $5.00 a gallon and took action that might help you a bit. Small ... more
7 Jul
Business Expense, Business Gift Rules, Business Gifts, Starbucks Gift Cards

Starbucks Gift Cards for Business Promotion

Question To stay in touch and promote my business, I buy dozens and dozens of Starbucks $5 gift cards and send them monthly to my prospects and referral sources. ... more
21 Jun
Come-Clean Program, Form 8952, Misclassified Workers, VCSP, Voluntary Classification Settlement Program, W-2 Employees

Change Independent Contractors into Employees Trouble-Free

You've read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundre... more
14 Jun
Business Mileage, Business Mileage Rule, Business Miles, Business Stop, Commuting Mileage, Deductible Mileage, Mileage Log, Tax Deductions

Increase Your Tax Deductions Using the Business-Mileage Rule

Request Please clarify how to properly record commuting mileage, especially if you do other trips before and after stopping at your regular office. Respo... more
7 Jun
Binance, Bitcoins, Crypto Gift, Cryptocurrency, Cryptography, Cryptos, Dogecoin, Ethereum, Fiat Currency, Fiat Money, Form 1040, Hard Fork, LiteCoin, Taxable Income, Tether, Virtual Currency

The IRS Wants to Know about Your Crypto

The IRS really wants to know about your Bitcoins and other Cryptos. It starts at the top of the first page of your Form 1040, where you find the following ... more
31 May
Federal Taxes, Form 4180, IRS, Payroll Tax, Tax Returns, Unpaid Taxes

Avoid This Payroll Tax Nightmare

Oh my! ... Don’t let this happen to you. Here’s what happened to Mr. Kazmi. First, a little background. Urgent Care Center Inc., an Illinois corporation, ... more
24 May
Home Office, Home Office Deduction, Home Office Expenses, IRS, IRS Audit, Tax Avoidance, Tax Optimization

Home-Office Deduction If You Operate as a Corporation

Question What does the IRS audit manual say about the home office for an individual who operates his or her business as a corporation? Answer You will ... more
17 May
$75 Receipt Rule, Business Vehicles, Listed Property, Passenger Automobile, Receipt Rule, Section274(d), Vehicle Expenses

$75 Receipt Rule for Business Vehicles

The Question I was having a conversation with a tax preparer who says there is no such thing as a $75 rule for receipts on vehicle expenses. He claims that we ... more
10 May
Adult Child, Date-of-Death Fair Market Value, Estate Tax Exemption, Estate-Tax-Avoidance, Fair Market Value, homeownership, No-Tax State, Real Estate, Real Estate Markets, Tax Avoidance, Unified Federal Exemption

Is Now the Time to Transfer Your Home to Your Adult Child?

Let's say that your adult child wants to enter the world of homeownership and is looking to buy a home in today’s "Overheated" real estate market. Needless to ... more
3 May
AB 5, Classification Settlement Program, CSP, Independent Contractors, Misclassified Workers, Payroll Taxes, Reasonable Basis, Section 530, Section 530 Relief, Substantive Consistency, W-2 Employees

Owe Taxes for Misclassified Workers? Section 530 to the Rescue!

Are you living every small business owner’s worst nightmare: an IRS audit? Okay, that’s bad. But even worse, suppose the IRS asserts that many of your 1099 ... more
26 Apr
Deed of Ownership, Equitable Title, Legal Owners, Legal Title, Mortgage, Mortgage Deductions, Mortgage Interest Deductions, Partial Legal Title, Property Laws, Quitclaim Deed, Real Estate Laws

Deducting Mortgage Interest When Your Name Is Not on the Deed

Tax law has an amazing break for unconventional homeowners. You can deduct your mortgage interest payments even when the deed to the house and the mortgage ... more
19 Apr
Form 1040, Good Health, Health Savings Account, High-Deductible Health Plan, HSA, Self-Employed, Shareholder-Employee, Tax-Advantaged Medical Savings Account

Health Savings Accounts: The Ultimate Retirement Account

Like many of us, I'm guessing that you're looking to save for retirement and/or make the best use of your available resources toward retirement? Surprisingly, ... more
12 Apr
Certified Mail, Federal Express, FedEx, First-Class Mail, Mailbox Rule, Private Delivery Services, Registered Mail, U.S. Mail, U.S. Postal Service

It’s Tax Filing Season—Mail Correctly to Avoid IRS Trouble

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo During your taxable life, you need to ... more
5 Apr
Cohan Rule, Form 1040, Home-Office Deduction, Internet Expense, Internet Expense Deduction, Internet Expenses, IRS Form 8829, Schedule C, Tax Cuts and Jobs Act, TCJA

Don’t Rob Yourself of the Home Internet Deduction

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Given the connected nature of remote ... more
29 Mar
Federal-Income-Tax-Law, Form 1040, Gross Income, IRA, MAGI, Modified Adjusted Gross Income, Roth Contribution, Roth IRA, Schedule C, Tax Year Contributions

IRAs for Kids

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Working at a young age in the United ... more
22 Mar
Colorado, Connecticut, D.C., Death Taxes, Domicile, Federal Estate Tax, Hawaii, Illinois, Iowa, Kentucky, Lower Tax State, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, Oregon, Pennsylvania, Personal State Income Tax, Rhode Island, State Tax Domicile, State Taxes, Vermont, Washington

Thinking of Moving to a Lower-Tax State? Tax Angles to Consider

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo If you’re considering moving to a ... more
15 Mar
Corporation Strategies, Employ Your Children, Health Insurance Premiums, Home Office, Home Office Deduction, Home Office Expenses, Owner Wages, Schedule C, Schedule C Taxpayers, Section 105 Plan, Tax Saving Strategies, Travel Expenses

Amplified: 10 Tax Strategies for S Corporations: What, How, Where

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Question In last week's article ... more
4 Mar
Cell Phone Expenses, De Minimis, De Minimis Fringe Benefit Rules, Fringe Benefit Rules, Health Insurance Premiums, Home Office Deduction, Home Office Expenses, Schedule C, Schedule C Taxpayers, Section 105 Plan, Tax Saving Strategies

10 Tax Strategies for Schedule C Taxpayers: What, How, and Where

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo At Morris + D'Angelo, we pride ... more
1 Mar
Commercial Rate, Fair Market Rental Rate, Form 1099, Occupancy Taxes, Schedule E

Business Travel Tip: Stay at the Mom and Dad Hotel

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo How does this sound to you? A Tax ... more
22 Feb
College Student, Jobs Act, Kiddie-Tax, Professional Fees, Proprietorship Owners, Salaries, Schedule C Proprietorship, Self-Employment Tax, Self-Employment Taxes, Tax Cuts, Tax Optimization, Wages

Part Two: Three More Answers on “Paying for College—A Handy-Dandy Strategy”

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Last week, in the article I shared ... more
15 Feb
Jobs Act, Proprietorship Owners, Schedule C Proprietorship, Tax Cuts, Tax Optimization

Part One: Paying for College; A Handy-Dandy Strategy

As I have mentioned before, we at Morris + D’Angelo believe that Tax Optimization is one of the most empowering and responsible things you can do to protect your ... more