Tracy H. Weaver, Attorney/CPA

Tax Accounting Humor Friday

The IRS has released a draft copy of its redesigned 1040 tax return. The IRS is touting this new version as being simplified, but all it has done is break down the previous two-page form into a somewhat simpler (still two-page) half-sheet version. This required adding six new schedules for other issues that had been included on the main form in the previous version. Is this simplification or confusion?

Wednesday Wisdom

It is not uncommon for taxpayers doing their own returns to overlook tax benefits, resulting in a higher-than-required tax. Returns for 2015, 2016 and 2017 can still be amended for refunds. A professional review may be appropriate. Read more.

If you own a business, this year might be a good time to review your tax planning options post tax reform.

What makes businesses succeed the most? Great insight backed by data from hundreds of companies.

A frequently overlooked tax benefit is the Health Savings Account, which can serve dual purposes as a tax-deductible savings account for paying medical expenses and as a retirement account that functions similar to a traditional IRA. Learn more.

Ministers of the gospel will see a tax increase this year because their parsonage allowance income can no longer be reduced by business expenses, thus subjecting the entire parsonage allowance to self-employment tax.

Pick yourself up, and get back out there. The story of how one entrepreneur built a billion dollar company.

It may be beneficial for taxpayers with higher taxable incomes (TIs) from non-corporate business activities that are not specified service businesses to restructure as an S corporation to take advantage of the wage limitation allowing them a pass-through deduction that would otherwise be limited because of a TI above $315,000 for married joint taxpayers or $157,500 for others.