Category Archive: Finance

girl giving gift

3 strategies that can be used to increase your charitable giving “bang for the buck”

Do you make charitable contributions? If so, read on. We may be able to help you cut the costs of charitable giving – or increase the size of your contributions without costing any more in ...

Does the IRS Call You?

Ring ring, ring ring…. have you ever been asked why aren’t you picking up your phone? Well, in my case it’s because the phone number from which I’m receiving the “call” appears to be following ...

Retirement Minded

Huselton, Morgan & Maultsby colleagues, don’t become giddy.  My retirement is still a few years away. However, I am approaching a traditionally epochal birthday, so my thoughts turn to the next chapter of my life.  ...

Alternative Investments in IRAs – Part II: Be Creative

WARNING:  Do not try the following strategy unless, at least: -Your daddy built a big company that exports products -You have the nerve to battle the IRS for many years -You have creative and careful ...

Unconventional Investments in IRAs – Part I: Be Careful

I remember when Individual Retirement Accounts (“IRAs”) were first established in 1974. (Yep, I’m no spring chicken.) At first, these tax-deferred IRAs were restricted to those workers who were not already covered by a qualified ...

What’s The Difference Between An Actuary And An Accountant?

An accountant looks at your shoes when he talks to you.  An actuary looks at his own shoes when he talks to you. There is a difference between an actuary and a mathematician, too.  This ...

Don’t Tell My Clients About This Case

I always tell my clients to keep good records.  Often, I tell them again and again annoyingly.  It is my experience, and I daresay the experience of most other tax practitioners, that a taxpayer’s failure ...

A Trillion Here, A Trillion There . . .

I ended my last blog with a quote attributed to the late Senator Everett Dirksen:  “A billion here, a billion there, pretty soon you’re talking real money.” How about:  “a trillion here, a trillion there ...

When in Doubt, Fill it Out

Some of the most draconian financial penalties levied by the U.S. Treasury are associated with the Foreign Bank and Financial Accounts Report (“FBAR”).  This report is made on FinCEN Form 114 by U.S. persons having ...

Caught Twixt a Rock and a Hard Place: The IRS and Hobby Losses

I’ve blogged about hobby losses a few times.   Section 183 of the Internal Revenue Code generally disallows business tax deductions for activities “not engaged in for profit” – hobbies.  The regulations under Section 183 provide ...

A Couple of S Corporations, A Couple of Rental Arrangements, A Couple of Taxpayer Losses

Recently, two Circuit Courts shot down the taxpayers in two cases involving rents and S Corporations. In the Estate of Stuller, the Seventh Circuit Court of Appeals addressed a Tennessee Walking Horse breeding operation held ...

Mo Vaughn Strikes Out

Remember Mo Vaughn?  Big man and big hitter.  American League MVP in 1995 with the Red Sox.  Mo had his best year in 1996, when he hit for a .326 average, played in 161 games, ...