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Cailey Taylor

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What Counts as a Medical Expense Deduction?

Posted by Cailey Taylor on Feb 14, 2019 10:00:00 AM

One nice offset of paying hundreds of dollars a year to your doctor and to the hospital, is the fact that you can use those expenses as a deduction on your tax return. If you are thinking about deducting your medical expenses, it’s important to know that your bills must add up to more that 7.5% of your tax year’s adjusted gross income. If your bills fall under that threshold, then you cannot deduct it on your tax return. If they are above the threshold, here are some things to keep in mind when deducting it!

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The U.S. Tax Court Takes On Cannabis Businesses

Posted by Cailey Taylor on Feb 11, 2019 10:30:00 AM

As more and more states pass legislation either legalizing recreational marijuana or allowing medicinal marijuana, the more tax court cases we will see concerning marijuana businesses and their tax structure. Although marijuana may be legal in your state, the federal government considers it to be a Schedule 1 controlled substance and the sale of the drug is illegal.

Because the sale of marijuana is illegal federally, all marijuana businesses are subjected to Tax Code Section 280E which eliminates all business deductions except “Cost of Goods Sold (COGS). The code is applied to any business that consists of tracking a controlled substance and the IRS considers marijuana to be a controlled substance. This section of the code has created a great tax burden for marijuana businesses and has led to major decisions passed down from the U.S. Tax Court. We’re going to look at a few of these tax court decisions and how they will affect marijuana businesses across the country.

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Why You Should File Your 2018 Tax Return Early

Posted by Cailey Taylor on Feb 8, 2019 9:00:00 AM

Between the government shutdown and the changes to the U.S. Tax Code, this year’s tax season will be a very busy and confusing time of year for most taxpayers. That’s why it’s important that you try to file your tax return as soon as possible. There are several reasons that it’s important to either file your taxes early or have then filed for you as soon as you can. Here’s just a few benefits that come with filing your 2018 tax return early.

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Winning the Lottery & Paying Taxes

Posted by Cailey Taylor on Feb 6, 2019 10:00:00 AM

Despite the terrible odds — you just won the lottery! You’re likely in shock, disbelief, and just overwhelmed with emotions or maybe you’re already excited to go into work to quit your job, but before you do anything, you’re likely asking yourself, “now what?”

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Your 1040 Form Will Look Different This Year

Posted by Cailey Taylor on Feb 4, 2019 9:00:00 AM

Your 1040 form will be looking a little different this year! The tax form got a major makeover and has been reduced to about the size of a postcard. The changes come on the heels of major changes created by the Tax Cuts and Jobs Act and will affect taxpayers this year. The new 1040 form will eliminate the 1040EZ and 1040A forms, meaning all taxpayers use the new form.

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Tax Season Has Started, Here's a Few Things to Keep In Mind

Posted by Cailey Taylor on Feb 1, 2019 10:00:00 AM

Tax season is upon us and as the government temporarily comes out of the shutdown, tax season will officially begin on January 28th. Starting on the 28th, taxpayers can file their federal tax returns and tax refunds will begin to be issued. Employers are required by January 31st to send out your W-2, this will list your earnings, retirement contributions and taxes that have been withheld. Businesses that hire independent contractors, should receive a 1099-MISC and they are also required to send them out before January 31st. If you are form 1099sA, you will receive your form before mid-February. 

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IRS to Give Taxpayers a Break On Penalties This Year

Posted by Cailey Taylor on Jan 30, 2019 10:00:00 AM

Good news for taxpayers that are going to owe more than they thought this year, the IRS is giving you a break. The agency said that it won’t penalize individuals who underpaid their estimated taxes for 2018, as long as they have paid 85% of what they owe. Due to the Tax Cuts and Jobs Act of 2017, taxpayers may not know all the changes that affect them and could have miscalculated how much they actually owe.

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Closed Case Round Up January 2019

Posted by Cailey Taylor on Jan 28, 2019 9:00:00 AM

Each month our tax attorneys help solve everyday taxpayers problems. Our tax attorneys get levies released, set up IRS payment plans, help guide our clients through an IRS audit and help them resolve their tax debt through an IRS resolution. We help business owners who made a mistake and now owe thousands, clients who got sick and got behind on their taxes and people who got confused by the new tax law. Here are some of the best cases we were able to solve this month!

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How the Tax Cuts and Jobs Act Changed Your Alimony Deduction

Posted by Cailey Taylor on Jan 25, 2019 10:00:00 AM

 

It’s 2019 and that means the Tax Cuts and Jobs Act will be affecting how you file your 2018 tax return. One of the many changes that were made by the new tax reform is to Alimony payments and the deductions. We wanted to talk to you about the changes because you may have heard that Alimony is going away– well the answer is yes and no. Here is what you need to know.

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Tags: Taxes, Tax Court, Tax Help, tax extension, Tax Law, Tax Cuts and Jobs Act

IRS Announces Standard Mileage Rate for 2019

Posted by Cailey Taylor on Jan 24, 2019 1:15:54 PM

The IRS has announced rates and limitations for the 2019 tax year and there has been some changes to the Standard Mileage rate. Beginning January 1st, 2019, the standard mileage rate for use of a car will be 58 cents per mile driven for business use and 20 cents per mile driven for medical or moving purposes. You can also get 14 cents per mile driven in service of a charitable organization. The increases for mileage rate varied from increases of 2 cents to 3.5 cents. The charitable rate was unchanged. It’s important to remember that under the new tax law, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.

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