July 3, 2018
Determining and supporting deductions is complex for those not well-versed in federal and state rules and regulations, not to mention differentiating between the two. As it does every year, the Minnesota Society of CPAs recently surveyed its CPA members about the most outrageous tax deductions clients tried to claim on their tax returns.
"Creativity is a beautiful trait to embrace, but there are better places to exercise yours than with your CPA and the IRS," said MNCPA Board Chair Jeff White. "Tax laws are very nuanced, but many of the deductions our members shared from their clients would create issues with the IRS."
The following list shows that, quite often, taxpayers don't know which deductions are allowed or not. Here is the MNCPA's annual list of the most outrageous, and unacceptable, deductions.
Who says year-end tax planning has to be difficult? If you know the tax law inside out (and we do!), there are easy steps you can and should take right now that will cut your tax bill big time. What money-saving strategies can you put to work in the final days of December 2018?
Here are a few key tax-related deadlines for businesses during Q1 of 2019.
Your rental properties can provide a valuable tax shelter when you deduct your rental losses against other income. One important step to take if you want to deduct your losses is to pass the tax code’s 750-hour test. It's one of the ways taxpayers get to prove that they are real-estate professionals.