Beginning with tax year 2013, the IRS is offering a Simplified Method for deducting expenses related to business use of your home. This is a welcome change since this deduction has confused so many taxpayers. Most of us don’t know whether our home office qualifies, or, if it does, how to take the deduction. What Qualifies as a Home Office? ThereContinue reading “New Home Office Deduction for the Self-Employed”
Author Archives: Fakey Fake
Same-Sex Couples in Non-Recognition States Required to Prepare Multiple Federal Tax Returns
I haven’t posted in a while, as is usual for this time of year. The New Year signifies many things for many people. For me, it mostly signifies the beginning of tax season. This year, there are also significant changes for me personally. I have moved on from my previous firm and started my own. Continue reading “Same-Sex Couples in Non-Recognition States Required to Prepare Multiple Federal Tax Returns”
Same-Sex Married Couples to Get Refunds for Taxes Withheld on Health Benefits
The IRS’ announcement that they will recognize all same-sex married couples became effective on September 16th. While filing status is the change that is getting the most attention it is not the only significant tax consequence. The effects are far-reaching and provide several avenues for same-sex married couples to get money back from theContinue reading “Same-Sex Married Couples to Get Refunds for Taxes Withheld on Health Benefits”
IRS Will Recognize All Legal Same-Sex Marriages – Regardless of State of Residence
The IRS announced today that all legal same-sex marriages will be recognized for Federal Tax purposes. The looming question about whether the IRS would use the state of domicile or the state of celebration to define “legal marriage” has been answered. They have chosen the state of celebration which means IRS marriage recognition will be based on where the marriageContinue reading “IRS Will Recognize All Legal Same-Sex Marriages – Regardless of State of Residence”
5 Commonly Missed Business Deductions for Sole Proprietors
New business owners are often unprepared for the tax that comes along with self-employment income. With wages, which are subject to federal income tax, Social Security (SS) tax and Medicare tax, the burden for the SS and Medicare is split between the employee and employer. Those who are self-employed must pay both portions and itContinue reading “5 Commonly Missed Business Deductions for Sole Proprietors”
5 Commonly Missed Tax Deductions for Individuals
The complexity of the code leaves many Americans feeling hopeless and confused when filing their tax returns. Many of us view tax returns as no more than expensive and tedious tasks to get out of the way at year-end, like renewing vehicle tabs. This common experience of unknowing, apathy and dread causes millions of missed tax deductionsContinue reading “5 Commonly Missed Tax Deductions for Individuals”
DOMA is Dead – To Wed or Not to Wed; that is the Question
With the fall of DOMA has come a rush of same-sex couples (SSCs) converting their partnerships into marriages. It is an emotional time, especially for those who have waited for over thirty years to make that change. I have been to three weddings since the fall of DOMA and have five more between now andContinue reading “DOMA is Dead – To Wed or Not to Wed; that is the Question”
How the U.S. Department of Education’s Decision to Recognize Same-Sex Parents Affects your Ability to pay for College
In late April of this year the U.S. Department of Education announced that they will begin recognizing same-sex parent households in the Free Application for Federal Student Aid (FAFSA) application process. The application will still fail to include a same-sex or registered domestic partner marital status, but instead will use “unmarried parents living together.” TheContinue reading “How the U.S. Department of Education’s Decision to Recognize Same-Sex Parents Affects your Ability to pay for College”
Federal Income Tax Extensions – Three Things you are Wrong About
There’s nothing like the panic that roars through my office in the days leading up to April 15th. Over the years I’ve found that a large portion of taxpayers don’t know they can file extensions. The ones that do know often have irrational resistance to them. It’s time to clear things up. I’ve addressed theContinue reading “Federal Income Tax Extensions – Three Things you are Wrong About”
Supreme Court to Hear DOMA Case on March 27th
The time has finally come. On March 27th, the Supreme Court will hear a case challenging the constitutionality of DOMA. Many have come forward over the last year in support of overturning the Act. Support has ranged from progressive LGBT rights advocates to President Barack Obama himself. Most recently Bill Clinton, the man who signed DOMA into law inContinue reading “Supreme Court to Hear DOMA Case on March 27th”