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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 […]

ONLY THE PINBALL WIZARD QUALIFIES

WARNING:  This blog has a reference that some may find politically insensitive.  If that might bother you, quit reading now.  If you are like 38% of our national electorate, keep reading. I listen regularly to 60s and 70s rock – music from my glory days. A recent Tax Court Memorandum case reminded me of a […]

Hey Vance, Can I Deduct the Costs of my MBA?

On occasion, I am asked if a taxpayer can deduct the costs of graduate education.  I consulted with a client about deducting the costs of his MBA as recently as a month ago.  I confidently tell my inquirer that, in the vast majority of cases, if the costs were deductible, the costs would be treated […]

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.  It is time to start thinking seriously about what retirement will look like and where it will be spent.  So, […]

Trump’s Tax Plan – Kind of Like a Butt Sketch

First, let me acknowledge that Butt Sketch is trademarked by Krandel Lee Newton.  I give him all the well-deserved credit for the term and the concept.  Mr. Newton and his crew of associate Butt Sketchers are famous across the nation now.  About 25 years ago, the Cedar Hill, Texas resident was a bit less well-known […]

Home Is Where The Dog Is

Three times during this spring busy season I researched extensively the facts and the law surrounding the states of residence of taxpayers in order to determine where state taxes should or should not be paid. Maybe I should have just posed a simple question:  “Where’s your dog?” In February 2017, the State of New York […]

Where Does All the Money Go?

If you are like me, you know pretty much where your income comes from.  Where does it go?  That sometimes can be a little less transparent. As I straightened up my office last night at the end of the tax busy season, I ran across a recent study published annually by The Committee for a […]

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 tax advisors (like me!) -You have the money to hire white-shoe lawyers, who probably charge $1,000 per hour, to represent […]

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 employment-based retirement plan. In 1981, that restriction was removed. IRAs became big business. Then Roth IRAs came along in 1997. […]

Fleischer – Unsettling News for Independent Wealth Advisers

This is a very long blog because it is an important, complicated and current topic! I am privileged to count among my clients some of the elite wealth advisers in the Dallas-Fort Worth area. I team with them and a number of other prominent wealth advisers and financial planners to serve my high and ultra-high […]

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