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Innocent Spouse Relief

When a married couple files a tax return using the “married filing jointly” filing status, they are liable jointly and severally for the entire tax, penalties, and interest that are due on the tax...

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Injured Spouse

An Injured Spouse is different than an Innocent Spouse.  Injured spouse applies when a taxpayer files a joint tax return with a spouse who has a legally enforceable past due financial obligation.  The...

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Same Sex Marriage

The headlines this week have been filled with news that the Supreme Court struck down the Defense of Marriage Act (DOMA).   The Act was signed into law by President Bill Clinton in 1996. DOMA prevented...

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Domestic Production Activities Deduction

In 2004, Congress added Section 199, the domestic production activities deduction, to the Internal Revenue Code.  The deduction was intended to reduce the effective corporate tax rates and support the...

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Social Security Wage Base

The Social Security Administration has projected an increase in the Social Security wage base for 2014.  The wage base is the amount up to which employees and employers are required to withhold 6.2%...

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Summer 2013

For the past five or so years, I have spent my summers teaching night classes for Central Texas College.  This was in addition to my regular day job at the bank as well as working on tax returns,...

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IRS Furlough Day

The IRS announced last week they would not observe the originally scheduled July 22, 2013 furlough day.  Good news for me, since I just e-filed my own return a few hours ago! When the IRS is on a...

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Scrubs

My daughter, Rachel, is starting dental hygiene school in August.  When she was ordering her scrubs, the teacher told the class to save their receipts because the expenses were tax deductible.  Amateur...

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Texas Sales Tax Holiday

For the past several years, the state of Texas has provided for one weekend in August where no sales tax is charged on most clothing, shoes, school supplies and back packs priced under $100.  This year...

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License Plates

A couple of years ago, I decided to splurge a little and get license plates that say “Animal Friendly”.  I adopted my little Mollie, a black toy poodle, from Fuzzy Friends, and want to support the work...

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Energy Credits

As luck would have it, my 20 year old air conditioning unit needs to be replaced.  I’ve been shopping and learning about air conditioners for the past two weeks and have finally decided on a 16 SEER...

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Taxation of Marijuana Brokers

With the legalization of marijuana in several states, I thought I would look into the taxation of these establishments and it turned out to be quite interesting.  Marijuana sellers must include their...

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Teaching at the Gatesville Campus

As I start my new semester at Tarleton State University, at the Waco campus, I’m reminded of my years of teaching for Central Texas College at what I fondly refer to as their Gatesville campus.  While...

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Student Loan Repayment Options

A dear friend of mine asked a question about student loan repayment.  Her daughter had just graduated from a four year private university and, along with her sheep skin, she left academia with a 6...

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More on Teaching in Gatesville

My teaching for Central Texas College wasn’t limited to the Hughes Unit.  I also taught at Lane Murray Unit and Riverside Unit, which are both women’s prisons within Texas Department of Criminal...

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Mileage, the “Sampling Method”

If keeping an entire year of your mileage isn’t something you enjoy,  you may want to consider is the three-month sample for the mileage log.  Using this option, you maintain your mileage log for three...

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October 15th Deadline Looms Near

The Internal Revenue Service issued a reminder this week that the October 15 deadline is still in effect for individuals who requested a six-month extension to file their 2012 tax return.  The current...

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Weight Loss

I’m still on the Weight Watchers plan, within about 10 pounds of my goal weight.  I’ve lost 40 pounds this year.  When I started my weight loss journey in May, one of my goals was to attend the March...

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Passive Activity Loss Limitations

In 1986 Congress passed the Tax Reform Act of 1986 which resulted in the recodification of the Internal Revenue Code.   IRC Section 469 became a part of our tax code as a result of the TRA 1986.  This...

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Rental Real Estate Exceptions to the Passive Activity Loss Limitations

In general, rental activities are considered to be passive activities, which means losses incurred in rental activities are not deductible against active or portfolio income.  There are two exceptions...

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