The New Standard Deduction Is Deceptively High – TCJA

The New Standard Deduction Is Deceptively High - TCJA
Let’s talk Standard Deduction, the small change with the big responsibility of making taxes easier. Remember the Post Card Tax Return? Oh man, the few months since that promise have been an eternity in the tax world. Of course Post Card Tax Returns were never going to happen, mostly because logistically it’s a lot easier ...

The Kiddie Tax Overhaul in the TCJA Actually An Improvement

The Kiddie Tax Overhaul in the TCJA Actually An Improvement
If there’s part of the tax code makes me feel a little icky, it’s the awkwardly named Kiddie Tax. No, that’s not the official Washington approved name, but it’s stuck somehow, likely due to some heavyset blonde accountant–with a wisp of a moustache creeping on his upper lip–preparing cut rate tax returns from the back ...

Inflation Adjustments Under The TJCA

Inflation Adjustments Under The TJCA
There are some parts of taxes that are so boring that even tax accountants won’t talk about them. For the Tax Cuts and Jobs Act of 2017 (TCJA), the part that puts the accountants to sleep during the work day (yet somehow manages to get the economists’ blood boiling) is the change to inflation. Changing ...

Talking Tax Rates With TCJA Tax Reform

Talking Tax Rates With TCJA Tax Reform
The Tax Cuts and Jobs Act of 2017 had one main purpose, and that was to get it passed by Congress and signed into law. Any actual effects of the law were secondary. As for the secondary purposes, the main one of that group was to get our corporate tax rates more in line with ...

New Year, New Taxes, New Posts

New Year, New Taxes, New Posts
Hello all! It’s been a while. There’s been a lot going on in my life, not even counting that hostage situation with my gerbil, which– when we pointedly refused to pay the two dollars–morphed into something more akin to Godzilla (Gerbzilla?) situation, leading to lots of home repairs. Man, who knew kidnappers had gotten so ...

Amid Hacker’s Revenge on IRS Scammer, Let’s Review How IRS Notices Work

Amid Hacker's Revenge on IRS Scammer, Let's Review How IRS Notices Work
One of the most satisfying videos of the week has nothing to do with backflipping cats or adorable dogs or amazing vacation destinations you’ll never go to. Instead, it’s all about the hackers. Here’s the summary: an IRS Scammer tries to defraud the wrong person. That person got his revenge by calling the scammer back. ...

The Real Benefit Of the Home Office Deduction (Hint: It’s the Travel Expense)

The Real Benefit Of the Home Office Deduction (Hint: It's the Travel Expense)
I once asked my doctor what he thought about pharma ads and their ubiquitous tagline of “ask your doctor if Xilipum (not a real drug, I hope) is right for you.” He was not a fan. Now that I’m a CPA, I can partially commiserate. Joe Schmo loves to tell our client they should “just ...

Should Wealthy People Pay More in Income Taxes?

Should Wealthy People Pay More in Income Taxes?
One of my goals over the past couple years is to post at least once a week, either to this site or my personal site. That, despite the fact that some weeks my mind is more mushy than the monkey brains served to Indiana Jones during his family friendly descent through his heart rending rom ...

An Accounting Career When The Big 4 Accounting Firms Suck

An Accounting Career When The Big 4 Accounting Firms Suck
I went into accounting for two primary reasons: job security and money. On those fronts, I made a good choice. Not all is perfect is Accountlandia, of course. One thing that I remember wondering before college graduation was about my options as a tax accountant if that first job didn’t pan out. I’ve now been ...

The Hot Accounting Take on AHCA

The Hot Accounting Take on AHCA
A friend asked me yesterday if I’d done my hot accounting take on the American Health Care Act, or the AHCA (or possibly Trumpcare. Not sure if that’s gonna stick yet). I liked the phrase “hot accounting take” enough that I thought I’d give it a try. There’s a reason I didn’t do one right ...