Category Archive: Tax

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 a pattern of repeating the first 6 digits of my number… and when it goes to voicemail, a nice automated […]

Tax Strategies for Individuals – Part 2

View part I here. Withholding for 2018 The Tax Cuts and Jobs Act enacted in 2017 has many changes that could affect individuals’ Federal tax liability in 2018. For example, many people who used to itemize their deductions will be using the increased standard deduction in 2018. It is a good idea to review the […]

Tax Strategies for Businesses – Part 2

View part I here. The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of businesses. Please consult your HM&M advisor if you would like to have a conversation about how your business has been impacted or any of the following strategies. Tax Strategies for Businesses – Part […]

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Tax Strategies for Individuals – Part 1

Considering Standard Deduction Increase Given the increased standard deduction for 2018 will you still be eligible for itemizing your deductions? If the total of your allowable itemized deductions exceeds the standard deduction you should still keep track of your expense documentation for support in deducting those amounts on your tax return. The new standard deduction […]

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Tax Strategies for Businesses – Part 1

The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for a lot of businesses. Please consult your HM&M advisor if you would like to have a conversation about how your business has been impacted or any of the following strategies. Tax Strategies for Businesses – Part I New Corporate Tax […]

Tax Strategy: Qualified Charitable Distributions

Almost everyone 70 ½ years of age or older must take (almost always) taxable required minimum distributions (RMDs) from traditional or inherited individual retirement accounts (IRAs). Individuals may distribute up to $100,000 tax-free from their IRAs to certain charitable organizations. These distributions are called qualified charitable distributions (QCDs). QCDs count as RMDs. QCDs have always […]

Tax Strategy: Bunching Itemized Deductions

Under the Tax Cuts and Jobs Act of 2017, an old strategy of “bunching” itemized deductions is new again. In the past (as recently as 2017), particularly in Texas, some people regularly paid two years of property taxes (“bunching” the two years’ worth of deductions) in Year One and itemized their personal deductions in Year […]

Bitcoin! (Now That I Have Your Attention, Let’s Talk Taxes)

Today, Carrie Reese authors our HM&M blog. I was raised by a Marine and a CPA. To put it lightly, following the rules was a BIG deal growing up. Naturally, when Bitcoin (the first virtual currency) started weaving through the news in 2010, I clutched my pearls while being simultaneously positive that this information would […]

“Unified Framework for Fixing Our Broken Tax Code” – A Magical Mystery Tour

Last week the Trump administration and Republican Congressional leaders released the aforementioned “Unified Framework.”  After taking a tour through the magical, “giant, beautiful, massive” (according to the Exaggerator-in-Chief) tax-cutting Framework, I find that what is unified is a mystery.  (Sorry, Mr. McCartney and the late Mr. Lennon.) The Framework outlines, without reference to many numbers […]

The Tax Court Likes Hockey

Usually, the income tax deduction for meals and entertainment is equal to half the amounts spent for meals and entertainment.  There are some exceptions, one of which is where the meals are a de minimis fringe benefit.  Tax Court Senior Judge Robert Ruwe decided that the away-game pre-game meals of the NHL’s Boston Bruins were […]

TurboTax Made Me Do It

Sometimes you should not do your own brain surgery.  Well, make that almost always.  Actually, I can’t think of an exception.  A recent Tax Court Memorandum reminds us of the perils of taking on complicated tasks for which one has no training or aptitude. Barry Bulakites is an insurance consultant whose clients are primarily accountants.  […]

Do-It Yourselfer Loses in Tax Court – Version 2.0

See Addition at the end of this blog and the italicized text in the blog. I am not very handy around the house.  In fact, you could say I’ve always been a klutz.  However, the internet has elevated me into to the high-functioning klutz category. With YouTube videos, online instructions, and chat rooms, I can […]