If you are the custodial parent, you get everything unless you have signed it away on an IRS form 8332. Forget what the divorce decree says, that does not govern with the IRS. The only thing that works is the form 8332 and whether the other spouse is willing to permanently give up the child.

ACCOUNTABLE EMPLOYEE REIMBURSEMENT PLANS The tax treatment of an employee reimbursement plan varies dramatically, depending on whether the plan qualifies as an “accountable” reimbursement plan. Typically, reimbursements paid under accountable plans are not subject to income taxation or employment taxes. In contrast, reimbursements from non-accountable plans are included in the gross income of the employee and are

Before anyone can take the deduction for entertainment, according to the IRS, the taxpayer must have valid paperwork in his/her possession validating the following: 1) Who you were with  2) What you talked about and how it was related to business 3) Where you were 4) What amount was paid This is best accomplished by

If you need a transcript to file your tax returns for 2012 and prior, you can access this yourself by going to: http://www.irs.gov/Individuals/Get-Transcript Your will need your social security number, date of birth, social security number and other important information like address. You then can bring that in for us to use to help you.

Consider making a regular IRA contribution. Contributions to traditional IRAs for tax year 2013, including deductible contributions by those eligible to make them, can be made as late as Apr. 15, 2014. A married client also should be reminded that he or she won’t be treated as an active participant in an employer-sponsored retirement plan subject

Most small businesses are unincorporated and file a simple schedule C within their personal return thus forcing them to pay income taxes as well as self employment taxes of 15.30%. In effect this could double your taxes. It does pay into your social security fund, but at a tremendous cost and not so great an

Unincorporated businesses which are often filed as a Schedule C inside your personal return are often 10-15 times as likely to be audited for the same type of deduction, as if it were in a corporate or a Sub S company or Partnership return. Thus if you have a business, consider forming a LLC and

Guidance on the new additional Medicare tax.  The IRS has issued final regulations on the new additional 0.9% Medicare (hospital insurance, or HI) tax that first applies for tax years beginning after 2012. This tax applies to individuals receiving wages with respect to employment in excess of $200,000 ($250,000 for married couples filing jointly and $125,000

IRA’s ownership of taxpayer’s business resulted in disastrous tax consequences.  Harsh tax consequences resulted where an individual taxpayer had his IRA own the shares of his business, a limited liability company (LLC). Agreeing with the IRS, the Tax Court held that the LLC’s payment of compensation to the taxpayer for his services to the LLC was

Sale of a complete interest in a business can avoid State income tax, but not federal income tax on the gain due to a recent provision in the State of Louisiana tax law.