A colleague recently posted the following on a tax humor group: Posted in local community group—Need recommendations for someone to prepare tax returns – looking for someone that is good and may do them on the side – not looking for an HR Block or pricey accounting firm. You may be wondering why professional tax… Read More
I’m no fool. I know three things usually come to mind when people start to think about doing their taxes: TurboTax, CPAs, and that big franchise that does all the advertising. All of those are perfectly viable solutions, but there are other options. You should choose the option that best meets your needs. Do It… Read More
This post brought to you by someone on my FaceBook tax forums and by National Tax Security Awareness Week (December 3-7, 2018). This happened back in 2016 but unfortunately stuff like this still goes on today. Said person was seen complaining that his tax software provider (also my tax software provider) was no longer supporting,… Read More
A gym membership fee is an inherently personal expense since it is desirable to be physically fit regardless of one’s profession. Thus, such expenses are not deductible for tax purposes. In Battle v. Comm’r, T.C. Summary 2007-27, a professional firefighter claimed a deduction for physical fitness dues with respect to his gym membership. He argued… Read More
Have you heard any Black Friday ads from car dealerships? I heard a couple last week. They were bad, really bad. Lying bad. So here’s a reminder—never take tax advice from someone who is trying to sell you a product! One ad talked about taking advantage of new Section 179 “bonus depreciation” rules. First, Section… Read More