by apexcpas | Jul 4, 2018 | Tax Planning
In a recent Tax Court case, even presiding Judge Vasquez thought the result was unfair. Richard Nixon (not that one!) was a divorced parent who paid child support for two children who were in the custody of his ex-wife. Neither child qualified as...
by apexcpas | Jul 4, 2018 | Tax Planning
In a new ruling, the IRS has made it easier for companies to deduct year-end bonuses. The ruling allows an employer using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though...
by apexcpas | Jul 4, 2018 | Tax Planning
Watching the news every night, you would think natural disasters are a regular occurrence. Hurricanes, tornadoes, floods and earthquakes disrupt lives, challenge communities and cause significant financial losses. If you are the victim of a casualty and you live in a...
by apexcpas | Jul 4, 2018 | Tax Planning
In today’s difficult residential real estate market, many homeowners who must relocate have found it difficult to sell their properties. Many have attempted to rent out their prior homes. A recent Tax Court decision (Hattie M. Bonds v. Commissioner, TC Summary...
by apexcpas | Jul 4, 2018 | Tax Planning
Fall is a season when many people are cleaning out garages, basements and closets. If you are not having a tag sale and some items look too good for the dump, consider contributing them to charity. You can get a tax deduction for whatever the item is worth. When you...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has announced that, for tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. New...