by James Wade | Jul 10, 2024 | IRS, IRS Audits, IRS Penalties, Tax Controversies, Tax Deductions, Taxpayers
Social Media Influencers – Can You Deduct the Bling? My son last week told me he wanted to be a “youtuber”. He’s 8 so I forgive him for not choosing to follow in his father’s footsteps. I mean who wouldn’t treasure a career in tax...
by James Wade | Sep 8, 2022 | Income Taxes, IRS, Tax Controversies, Tax Deductions
Don’t Be Too Quick to Toss Old Tax Records I was asked to assist with an appeal of an IRS examination of a real estate investor. One of the big issues was that the IRS denied $500k in losses from prior years outside the audit. In case you are curious, the...
by James Wade | Mar 18, 2021 | Divorce, Income Taxes, IRS, Marriage, Tax Credits, Tax Deductions, Taxpayers
Married Filing Separately- Here’s What You Need to Know Marriage can bring about the merging of responsibilities for a couple including combining accounts and assets. However, couples may find that some “separation” might be the best bet for them. This can be true in...
by James Wade | Jan 12, 2017 | Tax Credits, Tax Deductions, Taxpayers
Children are a blessing and a curse (and not the least bit cheap!). It is nice to know that the Internal Revenue Code at least acknowledges your pain and provides some tax benefits to make raising a child more affordable. Now if only the IRS could make it easier to...
by James Wade | Dec 27, 2016 | Charitable Giving, Income Taxes, Tax Deductions, Taxpayers
Give and you shall receive, as the saying goes. If you are considering a year-end gift of money or property to a worthy charity, here are some tips on maximizing your charitable tax deduction: Keep good records! Regardless of the amount of money given, meaning from...
