Rand Paul Tax Plan Version 2.0: “Blow It Up”

Rand Paul Tax Plan Version 2.0:
Rand Paul is trying something new. His EZ Tax Plan, which was short on specifics and always doomed to fail, has now morphed into something much more unique: The Fair and Flat Tax. I have to give Rand Paul credit here. Whether or not you like the plan he offers, he at least offers specifics, unlike any ...

Medical Device Excise Tax: The Jackalope Hunt That Went Too Far

Medical Device Excise Tax: The Jackalope Hunt That Went Too Far
The medical world is financially screwed up. In my own recent past, my wife got a brace (that didn’t work) from an Urgent Care. Had they billed it to me correctly, it would have cost me zero dollars. If I bought the piece of crap at Walgreens, it would have cost about $30 dollars. Instead, some ...

Bernie Sanders: Tax Millionaires, Pay For Everything

Bernie Sanders: Tax Millionaires, Pay For Everything
In The Lego Movie, Benny wants to build a spaceship. It’s his answer to everything. Escape from Bad Cop? Spaceship. Break into Lord Business’s evil lair? Spaceship! Destroy the Micromanagers? SPACESHIP! Like that 1980-Something Space Guy, Bernie Sanders has one main obsession: raising taxes on the wealthy. Social Security in trouble? Tax the rich. National ...

Corporate Vs Public Accounting: Tax Edition

Corporate Vs Public Accounting: Tax Edition
This morning, I had a red light flashing on my phone. New message. It hadn’t been there when I left yesterday, so it could only have come after hours. When a new message appears over night, it is almost always the same thing: a recruiter whose out fishing late at night. This caller was no different. Another ...

Is Every Tax Deduction A Government Benefit?

Is Every Tax Deduction A Government Benefit?
My car is doing just fine, thank you very much. It’s a Subaru Impreza, with close to 100k miles, plenty of hail damage, and a sun visor that won’t stay up. It’s a great car, and I have no desire whatsoever to trade it in for something nicer. But let’s say I did. Let’s say ...

Best Receipt Scanner For Tax Expenses (Android)

Best Receipt Scanner For Tax Expenses (Android)
If you want a tax deduction, you better be ready to offer proof. People get screwed in tax courts around the country when they can’t substantiate a purchase years after your tax return has been filed. The best way to prove to the IRS that you actually make a purchase is to keep that receipt, but nobody ...

Tax Consequences of a Vacation Home Rental

Tax Consequences of a Vacation Home Rental
Last week we discussed rental properties. Today, we’re talking poo. No, wait, that was the conversation the doctor had with my five year old this morning. Not pleasant, and made me never want to eat mashed potatoes again. On the site, we’re discussing something that’s (hopefully) ess smelly: the tax consequences of Vacation Home Rentals. Handling Those ...

Cracking The Secrets to Rental Property Tax Deductions

Cracking The Secrets to Rental Property Tax Deductions
A few weeks ago, a friend of mine asked me to compare some of the tax and economic consequences of purchasing a house under various situations. It was a great idea. As I started writing, though, I realized that I should probably touch on the tax consequences of each scenario first before I tried to compare them all. Especially since one ...

The IRS Says My Business Is A Hobby. Now What?

The IRS Says My Business Is A Hobby. Now What?
Memorial Day weekend was a bust in our home, since my wife and I were sick the whole time. So now that the fun is over, I was having a hard time coming up with something interesting to write that didn’t require hours of research. Then I got a tax question. It did require research, but ...

11 Risqué Titles For Your Next Accounting Book

11 Risqué Titles For Your Next Accounting Book
On Monday, I came across the following tweet from accounting’s best comedian Greg Kyte: Cheryl Obermiller’s book My Accountant’s Drawers is a book on fraud, not the steamy romance novel I was hoping for. https://t.co/7ES2jqB03j — Greg Kyte, CPA (@gregkyte) May 18, 2015 Based on my search for Romance books on Amazon featuring accountants, Greg made an ...