Tax

A Match Made in Dallas

How this CEO won his tax case against the NY Taxation Department Where is “home”? Home is where the heart is. Home is wherever you make it. Home is wherever I’m with you. And, of course, I’ll be home for Christmas. But what does the tax man think of...

Tax

Oops! Fail to File Taxes!

When you fail to file taxes, penalties aren’t the only risk! Mark Twain once said, “Never put off till tomorrow what may be done the day after tomorrow just as well.” But Twain’s advice doesn’t always pay when it comes to taxes. The calendar watchers at the IRS charge...

Tax

Bottoms Up!

How did you cap your day on Aug 4th? Were you knocking back a bottle of suds at your favorite happy-hour bar? Enjoying vacation time with a cold one overlooking a beach or a harbor? Maybe feeling ripped off paying $14 for a tallboy of St Louis’s finest at...

Accounting

Lower Your Tax To Pay Zero Tax

There Are Ways To Lower Your Tax Years ago, comedian Steve Martin gave us an easy formula for making a million dollars without paying tax. “First . . . ya get a million dollars.” Then, when the tax man comes to your door and says you never paid taxes,...

Accounting

Avoid “Kiddie Tax”

The “kiddie tax” is a special tax intended to stop you from shifting investment income to children, who are presumably taxed at lower rates than their parent(s). For 2017, the tax applies to dependent children under age 19 and dependent full-time students under age 24 who report unearned income...

Tax

Tax Strategies for Supporting Your Parents

If your parents’ home is paid off and offers no deductions beyond property taxes, their total itemized deductions may not be more than their standard deduction. In this case, consider buying or financing their home: You can treat it as your second home and deduct mortgage interest and property...