Sam OwensWe have a new addition to the Lothamer family in our office, Sam Owens, as our “New Client Coordinator.” Sam is an EA or “Enrolled Agent,” and got his certification in 2015 and worked in the tax industry since…
With each new year comes new changes to the tax brackets due to inflation and new bills passed by Congress. We made a table for these changes and here are the most important revisions we think you need to know!…
Payroll Taxes Delinquent Payroll Taxes Are Aggressively Pursued By The IRS & State Authorities and Put Many Companies Out of Business. Let Us Help Your Business. The IRS and State agencies take payroll tax debt very seriously: delinquent Employment Payroll…
As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty…
If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS,…
The fact that your personal home is not your tax home is one income tax issue. Here’s another: business travel is different from business transportation. Your tax deductions, tax strategies, and tax records hinge on the following federal income tax–defined…
You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs that contain the basic facts from the Andrews case. For six months of the year, from May through October,…
The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals. Both residential and commercial properties obtained a number of new tax breaks with respect to Section 179 deductions…
The tax law has mistreated hobbies for a long time. But the most recent tax reform brings the grim reaper to the party, and it’s not pleasant. This means you need to focus on making your activity a business and…
The recent tax reform contains two big changes to how much you can deduct in mortgage interest for tax years 2018 through 2025: During this seven-year period, you may not deduct any interest on prior or current home equity debt,…