Monthly Archives: March 2019

Oklahoma Limits Itemized Deductions; Big Hit for Amateur Gamblers

Posted on March 30, 2019 by Russ

Suppose you’re an Oklahoma resident and enjoy gambling one of the many casinos in the Sooner State. You have $100,000 of gambling winnings and $100,000 of gambling losses. You itemize on your federal return anyway (you have mortgage interest, state … Continue reading →

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Annual Blog Hiatus

Posted on March 20, 2019 by Russ

It’s time for our annual blog hiatus. We’ll be back after April 15th. Our annual series of Bozo Tax Tips will come out beginning April 1st, and if something truly remarkable happens in the tax world between now and April … Continue reading →

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Can a California or Massachusetts Professional Gambler Take a Business Loss on His or Her State Tax Return?

Posted on March 19, 2019 by Russ

The Tax Cuts and Jobs Act (TCJA) eliminated the ability of a professional gambler to take a loss on his Schedule C based on his business expenses; Congress specifically overrode the Mayo v Commissioner decision. But what about state taxes? … Continue reading →

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March 15th Tax Deadlines

Posted on March 14, 2019 by Russ

Tomorrow, March 15th, is the first big tax deadline day. There are three tax deadlines on Friday: First, partnership and S-Corporation returns are due. If your return isn’t completed, file an extension (Form 7004). If you file by mail, use … Continue reading →

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Arizona Asks Supreme Court to Stop California From Imposing California Tax on Passive LLC Investments

Posted on March 12, 2019 by Russ

We’ve highlighted this issue before. Suppose you are an Arizona resident, and you form Primary LLC in Arizona. Its main purpose is owning a warehouse in Phoenix. But you have some extra money in the LLC, so you invest in … Continue reading →

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No Man Is an Island

Posted on March 11, 2019 by Russ

On Saturday a superb editorial appeared in the Providence Journal, “When Taxpayers Flee a State.” Here’s an excerpt: Despite its name, Rhode Island is not an island unto itself. People are free to come and go, including business executives who … Continue reading →

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