Tax Warrior Chronicles

COVID-19-Related Expansion of Tax Break for Teachers

Posted on Tue, Mar 02, 2021

By:  Drucker & Scaccetti

 

Among the many frontline workers braving the pandemic are teachers and educators. With many hybrid school schedules in place, many find themselves in an in-person learning setting at least part of the time. Eligible educators can now broaden the list of deductible unreimbursed educator expenses to include protective items used to prevent the spread of COVID-19 in the classroom. Here is the guidance needed for those who are eligible.

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IRS Hones in on Partial Asset Disposition Deductions

Posted on Fri, Jan 17, 2020

By: Ashley Menders

 

On November 6, 2019, the IRS released a process unit to train and educate its agents on partial asset dispositions of a building. The release of this educational material to its employees may indicate IRS intent to target these deductions for examination, which are common in the real estate industry. Before we address this development, we'll first give you a refresher and explain the information your tax preparer needs to determine if you may benefit from the deduction. Finally, we'll address risk mitigation, given the recent IRS pronouncement.

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Inflation Adjustments Increase Tax Deductions for 2020

Posted on Thu, Nov 14, 2019

By: Eric R. Elmore

 

Often, “inflation’ is a bad word for economists and financial experts to utter.  But last week, the IRS announced its annual inflation adjustments for 2020 and many tax deductions have increased as a result. In today’s post, we’ll get you up to speed on the increased deductions available in 2020. Let’s get at it!

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Deductions for Qualified Transportation Benefits - Another Casualty of TCJA

Posted on Fri, Sep 06, 2019

By: Robert N. Polans, CPA, MT, PFS, and Stefanie Ostrich, CPA

 

The Tax Cuts and Jobs Act of 2017 (TCJA) contained hundreds of changes to our tax law including Qualified Business Income Deductions, limits on business interest expense, limits on excess business losses, and major changes to the U.S. taxation of profits earned overseas.  While much of the noise about the new tax law revolved around these items and others, less noise surrounded the part of the law which eliminates the deduction for Qualified Transportation Benefits.

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IRS Increases Standard Mileage Rates for 2018

Posted on Tue, Dec 19, 2017

Major tax changes are likely coming this week. The winners and losers will be debated long after the bill is signed by the President.  However, the IRS has issued increased standard mileage rates for 2018 and all will benefit from the changes.

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“Stressed” Retirement System Forces GAO to Review 401(k) Contribution Deductions

Posted on Thu, Oct 26, 2017

By: Eric R. Elmore

 

While Congress waivers on whether to reduce retirement savings deductions, all pillars of our retirement system appear to be under stress. A recent Government Accountability Office (GAO) Report highlights the challenges faced by each component of the U.S. "retirement system" and argues the case for a fundamental re-evaluation to better promote future retirement security. And, though the Republican-led Congress rarely follows the GAO’s lead, if you have a 401(k), you should be paying attention to what it is saying.

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Tax & Business Tips for Women-Owned Businesses

Posted on Wed, Jul 26, 2017

By: Irina Moyseyenko, CPA, MT

 

According to the National Association of Women Business Owners (NAWBO), in 2015 women-owned businesses accounted for 31% of all privately held firms, employed 7.9 million people, and generated $1.5 trillion in sales. And, those numbers are growing. These women know being a business owner is a mix of joy, challenge, success, disappointment, and accomplishment.  In today’s blog, The Tax Warriors® discuss strategic moves and tax breaks to assist women entrepreneurs in building the business of their dreams.

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The Taxation of the “Uber” Economy

Posted on Tue, Jan 24, 2017

By: Stephanie Otake, CPA

 

Making extra cash with Uber or Lyft has become a popular pastime, but make sure you consider the tax implications that come with it.  In this blog post, we’ll pose and answer common questions of those taking part in the so-called “sharing economy.”

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Details on Tax Deductions: Meals and Entertainment

Posted on Thu, Nov 15, 2012

Every now and again our clients ask us for details about tax deductions we are all familiar with, but just want to know a little more about.  We've found that knowing the "rules" can result in higher deductions, if you account for and document your files appropriately.  Higher deductions = Less Tax!

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Tax Breaks For Veterans And Their Employers

Posted on Mon, Nov 12, 2012

 

Only a week after the presidential election and shortly after the devastating effects of Hurricane Sandy, this year's Veterans Day provided all of us an opportunity to take a step back and honor those who risk their lives protecting ours around the globe.  America’s service members put themselves in harm’s way to protect our freedoms, safety and way of life, and we should all be thankful for them and their sacrifice.

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