February 2018

How do I? Calculate bonus depreciation under the new tax law?

The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and Read more [...]

January 2018

How Do I? Use Section 529 plans for elementary and secondary school tuition

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute Read more [...]

November 2017

How do I? Compute the Nanny Tax

Nanny tax. For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid Read more [...]

October 2017

How Do I? Get a payroll credit for increasing research expenses

IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described when a qualified employer Read more [...]

September 2017

How do I? Distinguish partnerships from other arrangements

A partnership is created when persons join together with the intent to conduct unincorporated venture Read more [...]

August 2017

How Do I? Deduct student loan interest

An eligible taxpayer can deduct qualified interest on a qualified student loan for an eligible student's Read more [...]

July 2017

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?

Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete Read more [...]

June 2017

How do I? Safeguard tax benefits against natural disasters

As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders Read more [...]

May 2017

How Do I? Differentiate tips from service charges for tax purposes

Although the employee may end up with the same amount whether something is designated a tip or a service Read more [...]

March 2017

How do I?…claim the federal fuel tax credit

The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered Read more [...]

February 2017

How Do I? Establish a profit motive for business activities

The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged Read more [...]

January 2017

How do I? Know what records to discard

A new year may find a number of individuals with the pressing urge to take stock, clean house and become Read more [...]

November 2016

How do I? Make tax-free gifts for tuition

With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children Read more [...]

October 2016

How do I….subordinate a federal tax lien?

A federal tax lien on real or personal property may be terminated or altered in the following ways: The Read more [...]

September 2016

How do I? Opt-in to the new partnership audit rules

The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the Read more [...]

August 2016

How do I? Substantiate meal expenses using the per-diem rate method?

An employee or self-employed individual is allowed a deduction for the costs of meals and incidental Read more [...]

July 2016

How do I: Get an extension of time to change a method of accounting?

A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic Read more [...]

June 2016

How do I…calculate the EITC for members of the U.S. military?

To claim the EITC, a taxpayer must satisfy two tests with respect to earned income. First, the taxpayer Read more [...]

May 2016

How do I? Determine a residential tax credit for solar panels

Individual taxpayers may claim a nonrefundable personal tax credit for qualified residential alternative Read more [...]

April 2016

How do I? Set up a like-kind exchange

Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in Read more [...]

March 2016

How do I? Arrange an installment payment agreement with the IRS?

The IRS always urges taxpayers to pay their current tax liabilities when due, to avoid interest and penalties. Read more [...]

February 2016

How do I? Prove business expenses

Everyone in business must keep records. Among other things, good records will help a business prepare Read more [...]

January 2016

How Do I? Elect to be taxed as an S corporation?

An S election is made by a small business corporation with the consent of its shareholders. Both the Read more [...]

December 2015

How Do I? Compute payroll taxes as an employer

A business that has employees must withhold income taxes on payments to each employee. Each employee Read more [...]

How Do I? Follow the new-for-2015 one-IRA rollover-per-year limit?

As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer Read more [...]
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