Life Without Creating a Will Everyone dies eventually. You will die eventually. What is important is what you do with your time while you are alive. When I was touring law schools a professor told me he was married, had kids, and loved to drive his motorcycle up the coast of California. This seems like
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IRS Releases Dirty Dozen List of Tax Scams
The IRS recently released its annual Dirty Dozen list of tax scams. The Tax scams on the list include phishing scams, ghost preparers, and bogus tax deductions. One of the scams on the list is misleading social media advice. Social media is a source of information and disinformation. It is not hard to come by
Personal Responsibility for CDTFA Sales Tax Liabilities — Even Pretend Bosses Can Be Subject to a Dual Determination
Heavy is the head that wears the crown – even if the crown is not real. Individuals can face personal responsibility or a dual determination for the CDTFA sales tax liabilities of a corporation or LLC. Usually, the individual the CDTFA finds personally liable is the owner and/or officer of the corporation or LLC. The
IRS Offers Advice: How to Choose the right Tax Preparer or Accountant
The IRS recently issued a news release advising taxpayers on how to choose the right tax preparer or accountant to prepare tax returns. While many people with simple tax returns such as wage earners may not need the services of a tax preparer or accountant, many people with potentially complex tax returns such as business
IRS Provides New Guidance on Section 530 Relief for Employment Tax Audits
Section 530 Relief The IRS recently provided new guidance on how it will apply Section 530 Relief to Employment Tax Audits. The IRS issued Rev. Proc. 2025-10 which announced the IRS’ updated positions on Section 530 relief available to taxpayers in Employment tax audits who were found to have misclassified workers as independent contractors. The
IRS Announces Business Mileage Rate for 2025
IRS Business Mileage Rate for 2025 The IRS recently announced the business mileage rate for 2025. Business owners can typically claim a deduction of 70 cents per mile driven for tax purposes in 2025. While the business mileage deduction is an especially useful deduction for business owners, many business owners are not taking all the
Six Year-End Tax Tips to Help Lower Your 2024 Tax Liability
Tax Tips As 2024 nears its end, there is still time to lower your income taxes. Strategic moves like stock trades, charitable donations, and retirement contributions can significantly impact how much you owe. With certain provisions of the Tax Cuts and Jobs Act set to expire after 2025—potentially leading to higher taxes for some—now is
End of Year Tax Planning Essentials
Tax Planning Essentials As year another year closes, many of us have several things we need to take care of before the year ends. You may find yourself purchasing gifts, preparing for the holidays, and doing other tasks. I hate to be a grinch, but you may need to add some end of year tax
Did a Tax Protester Really Win at Tax Court?
Tax Court Win In the recent Swanson v. Comm’r (TC Memo 2024-105) US Tax Court case, the Tax Court slapped a tax protestor with a $25,000 frivolous submission penalty. The Tax Court Opinion was very clear that the law disapproved of the Tax Protestor and his frivolous arguments, but nevertheless the Tax Court may have
What to Know When Making Tax Deductible Charitable Contributions
Tax Deductible Charitable Contributions We are coming to the end of the year, and a great way to do some end-of-year tax planning and help your community is to make a charitable contribution. Charitable contributions can be tax deductible, but the tax code places requirements on donors who wish to take a tax deduction. This