Money Talks: The Blog of Morris+D'Angelo
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26 Sep
Career Growth, Charitable Donations, Charitable Giving, Entrepreneurship, IRS Regulations, Networking Tips, Personal Branding, Professional Development, Small Business Owner, Tax Deductions

Understanding Tax Deductions for Charitable Clothing Donations: The Case of Duncan Bass

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 ... more
19 Sep
Copernic Desktop Search, Digital Record Keeping, Digital Tax Records, Disaster Tax Relief, Financial Solutions, IRS Tax Relief, Severe Storms Illinois Mississippi, Tax Filing Deadline, Tax Records Protection, Wildfires Hawaii

Wildfires and Storms: Tax Relief—A Joke

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 ... more
12 Sep
Asset management, Depreciation Rules, Financial expertise, Financial Success, IRS Guidelines, Maximizing deductions, Morris + D’Angelo, Rental property advice, Small business owners, Tax tips

Key Insights into Depreciation from Beginning to Middle to End

Depreciation is a pivotal concept for anyone with assets in the business or rental sector. Yet despite its significance, depreciation can leave many taxpayers ... more
5 Sep
Financial Peace, Financial Prosperity, Financial Success, Hobby Loss Rule, Tax Benefits, Tax Insights, Tax Labyrinth, Tax Rules, Taxes

Hobby Loss Rule Raises Its Ugly Head

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 ... more
29 Aug
Deducting Seminar Expenses, Expertise in Taxation, Financial Success Partner, Hands-On Property Management, Investment vs. Business, Maximizing Tax Benefits, Real Estate Tax Strategy, Simplifying Tax Laws, Thriving Real Estate Business, Unlocking Deductions

Real Estate Investment Boot Camp

Question 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 ... more
22 Aug
Business Taxation Tips, Corporate Loan Essentials, Expert Tax Guidance, Financial Empowerment, IRS Audit Insights. Tax-saving Strategies, Proper Documentation Success, Real-life Tax Case, Tax Efficiency Mastery, Tax Nightmare Prevention

Are Corporate Advances to the Owner Loans, Dividends, or Salary?

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 ... more
15 Aug
After-Tax Cash Benefits, Financial Benefits of Repairs, Immediate Tax Savings, Maximizing Property Value, Property Investment Tips, Property Value, Real Estate Investing, Real Estate Tax Strategies, Recapture Taxes Explained, Rental Property Deductions, Rental Property Tax Benefits, Repair vs Depreciation, Tax Strategies, Unlock Success

Find Cash: Repair Your Properties—Don’t Improve Them

Let’s visit your business or rental building. Here’s a Fact: The repair deduction is worth far more after-tax cash than a depreciation deduction. De... more
8 Aug
Business Entertainment, Business Meals, Deductible Expenses, Expense Documentation, IRS Guidelines, Meal Expenses, Sutter Rule, Tax Deductions, Tax Planning, Tax Saving Strategies

Discover the Hidden Potential of Business Meals: Maximizing Your Tax Benefits

If you go to a Dutch-treat lunch with a colleague or have a member lunch at your monthly chamber of commerce meeting, you face two opposing tax laws: The law ... more
1 Aug
Boost Profits, Business Strategy, Entrepreneur Insights, Financial Success, Hidden Opportunities, Home Office Deductions, Maximize Savings, Small Business Tips, Tax Code Tips, Tax Savings

Unlock the Power of Employee Healthcare with Qualified Small-Employer Health Reimbursement Arrangement (QSEHRA)

As a small employer (fewer than 50 employees), you are exempt from the requirements of the Affordable Care Act and need not offer your employees medical coverage.... more
24 Jul
Boost Profits, Business Strategy, Entrepreneur Insights, Financial Success, Hidden Opportunities, Home Office Deductions, Maximize Savings, Small Business Tips, Tax Code Tips, Tax Savings

The One-Way Ticket to the Corporate Owner’s Home-Office Deduction

Do you operate your business as a corporation? If yes, are you an employee of the corporation? If yes, would you like to deduct an office in your home? If ... more
18 Jul
Boosting Bottom Line, Business Optimization, Employing Spouse, Financial Strategy, Maximizing Tax Advantages, Minimizing Taxes, Navigating Complexities, Tax Savings

Five Things to Know About Employing Your Spouse

Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a ... more
6 Jul
Business Expenses, Business Mileage, IRS Audit, Mileage Tracking, Odometer Readings, Tax Compliance, Tax Deductions, Vehicle Deductions

Maximize Your Business Deductions: The Power of Accurate Mileage Tracking

Know This You can spend a lot more time with the IRS when you present an inadequate log of your business mileage. You can spend excessive time re-creating ... more
22 Jun
AFR, Applicable Federal Rate, Below Market Loans, Interest Rates, Long Term Loan, Mid Term Loan, Short Term Loan, Term Loan

Claim Your Missed 2021 COVID Sick and Family Leave Credits Today

Did you or your corporation claim the 2021 sick and family leave credits? If not, you can do it now with an amended return(s). Also, if you didn’t claim the ... more
20 Jun
Amending Payroll Tax Returns, Decline in Gross Receipts Test, Employee Retention Credit 2023, ERC, Government Order Shutdowns, Gross Receipts, Lookback Bonus, Maximizing Tax Credits, Qualifying for ERC, Safe Harbor Provision, Supply Chain Disruptions, Tax Benefits for Businesses

Unlock Valuable Tax Savings: How to Qualify for the Employee Retention Credit (ERC) in 2023

You can do it now! Even though itʼs 2023, itʼs not too late to qualify for the employee retention credit (ERC). If you qualify and want your money, you must ... more
8 Jun
C Corporation Liquidation Strategies, Closing a C Corporation, Corporate Dissolution, Corporate Liquidation, Corporate Liquidation for Tax Benefits, Corporation Closure, Corporation Exit Strategies, Corporation Liquidation Strategies, Corporation Shutdowns, Liquidation Strategies, Maximizing Tax Efficiency, Smart Tax Planning, Tax-Efficient Liquidation

Unlocking Tax Benefits: A Guide to Shutting Down a C Corporation

If you run your business as a C corporation and are ready to shut it down, you probably face the federal income tax issues that arise from a complete corporate ... more
30 May
Financial Guidance, Health Insurance Deductions, Medicare Wages, S Corporation Health Insurance, S Corporation Owners, Self Employed Health Insurance, Tax Savings, Ugly Rule

The Ugly Rule for S Corporation Owners: Unlock the Secrets to Maximizing Your Health Insurance Deductions!

An ugly rule applies to how S corporation owners deduct the cost of health insurance that a corporation puts on its W-2s. The words that make this an ugly rule ... more
23 May
Business Education Vacation, CE Credits Online, Continuing Education Travel, Deductible Travel Expenses, Education in Paradise, Exotic CE Destination, Five-star Hotel Education, Lavish CE Retreat, Luxury CE Resort, North American Area Education, Online CE Courses, Resort-Based Learning, Resort-Based Professional Development, Tax Deductions for Education, Tax-Deductible Education Event

Travel to a Fancy Resort Hotel Where You Use Your Laptop for Continuing Education (CE)

You may have stumbled on an unusual Continuing Education (CE) opportunity that feels like a vacation. It works like this: You take the classes on your ... more
15 May
Asset Distribution, Avoiding Probate, Celebrity Estate Planning, Estate Planning, Estate Planning Attorney, Estate Tax Exemption, Executor, Federal Estate Tax, Guardianship, Living Trust, Minor Children, Post-Demise Wishes, Probate, Revocable Trust, Wills

Estate Planning for the Rest of Us

Whoever won that huge $997.6 million cash value Powerball jackpot last November needs some serious estate planning advice. Ditto for the winner of the $724.6 ... more
9 May
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

Tax Credits for Your Electric Vehicles: The Latest from the IRS

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. ... more
2 May
$75 Rule, Business Gifts, Business Meals, Business Travel Expenses, Business Vehicle Expenses, Cash Expenses, Entertainment Deductions, IRS Regulations, Receipts, Tax Deductions, Tax Penalties, Travel Status

Don’t Expose Yourself with Improper Use of the $75 Rule

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. ... more
25 Apr
Business Gym, Employee Entertainment Facility, Fringe Benefits, Gross Income, Highly Compensated Employees, Internal Revenue Code, On-Premises Athletic Facility, Recreational Expenses, Tax Advantages, Tax Deduction, Tax-free Benefits

Business Gym for Your Employees, and Maybe You Too

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 ... more
18 Apr
Bachelor of Arts or Bachelor of Science, Community college associate degree, Education Assistance Plan, Education required by law or regulation, Eligible education expenses, Employee-child loophole, Maintenance or improvement of skills, Master of Business Administration (MBA), Qualified education loan, Reimbursement for education expenses, Section 127 Plan, Tax-favored plans, Tax-free education benefits, Undergraduate degree program, Working condition fringe benefits

If I Hire My Kids, Can I Give Them Tax-Free Education Benefits?

Yes! Potentially, in two different ways. Here’s how. Payments for Job-Related Education Your business can reimburse an employee for certain education ... more
11 Apr
Collective Decision-Making, Decision-Making, Deep Bench, Disruptive, Diverse groups, Entrepreneur, Innovation, NCAA Tournament, Nimble, Resilience, Startups, Underdog, Wisdom of the Crowds

The Underdog Effect: Why You Should Never Underestimate the Power of Resilience

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 ... more
4 Apr
Disability, Early Withdrawal, Fixed Amortization Method, Fixed Annuitization Method, Leaving Job, Medical Expenses, Penalty Tax, Required Minimum Distribution Method, Retirement Account, Roth IRA, Safe-Harbor Distribution Methods, SECURE 2.0 Act, Substantially Equal Periodic Payments (Sepps)

Retirement Account Early Withdrawal Penalties: Avoid Them

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 ... more
28 Mar

The Global Supply Chain: A Self-Interested Network Working to Deliver Fresh, Safe, and Affordable Food

The global food supply chain is complex and interconnected. Independent and associated producers, brokers, distributors, truckers, and front-line personnel collec... more
21 Mar
Bailouts, Banking industry, Deposit insurance, Financial crisis, Investors, Liquidity, Moral hazard, Policy makers, Prudent, Regulators, Risk management, Signature Bank, Stability, SVB, Taxpayers

Taxpayers at Risk: The Cost of Bailouts in the Banking Industry

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 ... more
14 Mar
Asset Allocation, Comprehensive Financial Plan, Diversification, Financial Future, Financial Health, Financial Success Luck, Long Term Stability, Planning And Strategy, Risk Management Strategies, Risky Ventures

Luck Alone Cannot Guarantee Financial Success: A Lesson from St. Patrick's Day

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 ... more
7 Mar
BrailleBusinessCards, BusinessCardsMatter, CommunicatingValues, ContentMatters, DEICommitment, DesignMatters, Diversity, Equity, FirstImpressionsCount, InclusiveCommunication, Inclusivity, Individualism, MeetingPeopleWhereTheyAre, NonVerbalCommunication, SmallGestures

Your Business Card Speaks Volumes About You and Your Company Without Saying a Word

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 ... more
28 Feb
Antique Collector, Antique Issue, Antique Tractors, Business Purpose, Business Purpose Position, Farm Tractors, Simon and Liddle

Tractors, Antique or Not, Are Deductible

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 ... more
21 Feb
American Psychiatric Association, APA, Emotional Support, Health and Safety, Isolation, Loneliness, Mental Health, Remote W, Remote Working, Remote Working Concerns, Stress Levels, Vulnerability

Mental Health and Remote Working Concerns

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 ... more
14 Feb
Group Health Insurance, Group Insurance, Health Benefits, Health Insurance, Owner-Employees, S Corporation, Shareholder-Employee

An Update: 2023 Health Insurance for S-Corporation Owners

If you operate your business as an S-Corporation, you will continue to enjoy good news in 2023 regarding your health insurance. In this article, we give you the ... more
7 Feb
DEI, Diversity, Diversity Equity and Inclusion, Dominant Culture, Gaslighting, Human Resources, Inclusion, Marginalized Groups, People of Color, POC, Privilege, Psychological Manipulation, Underrepresented

Allyship: How to Become a Better Ally

Over the past couple of years, I’ve been all too aware of the evolution of meaningful discussions about an uncomfortable topic for some of us: The Dominant ... more
31 Jan
California, Cancellation of Debt, Debt Forgiveness, Foreclosure, IRS Form 982, Morgan Stanley, Mortgage Forgiveness Act, Non-Recourse Loan, North Carolina, Oregon, Recourse Home Loans, Recourse Loans, Short Sales, Struggling Homeowners, Washington

Tax Consequences of a Short Sale of Your Principal Residence

The real estate boom appears to be over for now. Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, or perhaps twice as much ... more
24 Jan
Appreciated Real Estate, Cost Segregation, Cost Segregation Study, Deductions, Depreciation Rules, Real Estate Portfolio, Rental Property, Residential Real Estate, Sales Proceeds, Section 1031, Taxable Gains

Section 1031: Don’t Miss This Depreciation Election

As you likely remember, the Section 1031 exchange allows you to sell a piece of appreciated real estate and defer all the taxes as long as you invest the entire ... more
17 Jan
Airbnb Rental, Airbnb Rental Income, CCA, Chief Counsel Advice, Fact Pattern No. 1, Fact Pattern No. 2, Section 1402(a)(1), Self-Employment Tax

Do You Owe Self-Employment Tax on Airbnb Rental Income?

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s (Central Collection ... more
10 Jan
Automatic Payments, Best Practices, Credit Bureaus, Credit Card, Credit Card Balances, Credit Card Management, Credit Management, Credit Reports, Equifax, Experian, Home Loan Mortgage, TransUnion, Unsolicited Credit Offers

Best Practices: What You Can Do with Your Annual Credit Management

It’s the new Year, and now is a great time for you to review your credit. Here are six (6) ways we suggest so that you might be able to do better in the coming ... more
3 Jan
Brokerage Account, In-Kind RMD, IRA, Long Term Capital Gains, Required Minimum Distribution, Retirement Account, Retirement Account Assets, RMD, SEP-IRA

Use In-Kind RMDs to Avoid Selling Your Retirement Account Assets

The stock market isn't doing so great these days. While a number of factors have played a role in this year's bear market (2022), skyrocketing inflation — the ... more
27 Dec
Audit Rates, Business Partnerships, Cryptocurrency, Inflation Reduction Act, IRS, IRS Tax Assistance Center, Offshore Accounts, S Corporation, S Corporation Compensation, Syndicated Conservation Easements, Yellen

$80 Billion to the IRS: What It Means for You

For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric ... more
20 Dec
Crowdfunding, Crowdfunding Campaigns, Debt-Based Crowdfunding, Donation-Based Crowdfunding, Donations, Education Costs, GoFundMe, Indiegogo, IRS Form 709, Kickstarter, P2P, PayPal, Peer-to-Peer, Solicit Donations, TPSOs

Crowdfunding: Is It Taxable?

Crowdfunding is the process of asking members of the general public for small amounts of money through any one of hundreds of crowdfunding websites. Crowdfunding ... more
6 Dec
401(k) Plan Deduction, 401(k) Plans, Automatic Contributions, Contribution Plans, IRS Form 8881, Retirement Plan, S Corporation, Start-Up Tax Credit, The SECURE Act, Year-End Retirement Deductions

2022 Last-Minute Year-End Retirement Deductions

The end of the year is near, so this week I'll speak to your Year-End Retirement Deductions since your retirement is one year closer as your clock continues to ... more