Tips for Filing Gambling Winnings and Losses
If you enjoy the occasional visit to the casino or plan on going any time in the future, this article will help you in knowing how to manage your taxes after a visit. If you have been fortunate enough to…
Changes to know about for the net operating loss
Tax reform made a lot of good changes in the tax law for the small-business owner. But the changes to the net operating loss (NOL) deduction rules are not in the good-changes category. They are designed to hurt you and…
FAFSA Checklist – What you need to know about applying for FAFSA
The new 2018-19 FAFSA form has become available to apply on since Oct. 1st of this year. We have decided to make a checklist to help make sure you are on track to be eligible to apply for the new…
Lothamer is pleased to announce a new team member
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…
Changes You Need To Know For Your 2018 Tax Year
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!…
August 2018 Newsletter
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…
Tips For Deducting Travel Expenses
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…
Avoid becoming an IRS target if your business produced loses this past year
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,…
5 Tax Home Tips
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…
Planning Your Tax Deductible Business Life
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,…