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 ...
Category Archive: Tax
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
Alright, the facts in the case are a bit more complex than a “poof.” But it got your attention for my at-least-annual reminder to obtain a contemporaneous written acknowledgment (“CWA”) from the donee for any ...
Every year, by law, the National Taxpayer Advocate, “an independent voice for the taxpayer within the IRS,” issues a report to Congress. For 15 years, the National Taxpayer Advocate has been Nina E. Olson. She ...