Podcast: Making Charitable Donations

Podcast: Making Charitable Donations

With the increase in the standard deduction, it has been more difficult for people to take advantage of their itemized deductions. Now there is talk in Washington about making this a little easier by allowing a higher amount of state and local taxes to be deducted....
Podcast: Self-Employment Tax

Podcast: Self-Employment Tax

We have talked off and on about the Gig Economy where a number of people have second jobs (or sometimes their main job) operating their own businesses. It could be Etsy, Uber, Eat Street or any other of what we used to call side jobs. Some people have done these side...
Podcast: IRS Bank Monitoring

Podcast: IRS Bank Monitoring

One of the items being discussed in Washington is to have banks report to the IRS anytime a person has transactions of over $600 in their bank account. This would be a new reporting requirement, but many people do not know that the banks already have to report certain...
Podcast: Business Nexus

Podcast: Business Nexus

Last week we talked about how individuals need to report income no matter where it is earned. This week I want to talk about requirements that businesses have to report income when they do business in multiple states. This is referred to as Nexus and we have talked...
Podcast: Worldwide Income

Podcast: Worldwide Income

Last week we talked about reporting foreign income and values to the IRS. During that discussion, I mentioned that a taxpayer is actually taxed on their worldwide income. I think this surprised some people so today I want to expand this topic. I have not really...