Author Archives: Russ

Fourth Quarter (2013) Estimated Payment Deadline Is Here

Posted on January 13, 2014 by Russ

The fourth quarter 2013 estimated tax payment deadline is Wednesday, January 15th. If you need to make an estimated payment, it must be postmarked on or before the 15th. If you use EFTPS, the payment must be made on or … Continue reading →

Posted in IRS | Comments Off on Fourth Quarter (2013) Estimated Payment Deadline Is Here

Massages May Feel Nice, But Can You Deduct Them at the Poker Table?

Posted on January 12, 2014 by Russ

Last week I had an inquiry that asked me about deducting massages at the poker table. At many poker rooms and major poker tournaments, you can get a massage; the cost ranges between $1 and $3 per minute (plus a … Continue reading →

Posted in Gambling | 4 Comments

FBAR Changes for 2014

Posted on January 7, 2014 by Russ

There have been some changes made by by FINCEN (the Financial Crimes Enforcement Network) for the Report of Foreign Bank and Financial Accounts (FBAR) for 2014. While overall these are minor, they will impact everyone who files an FBAR. First, … Continue reading →

Posted in FINCEN, International | 64 Comments

1099 Time

Posted on January 2, 2014 by Russ

As we finish the first week of January, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

Your Mileage Log — Start It Now (2014 Version)

Posted on January 2, 2014 by Russ

I’m going to start the new year with a few reposts of essential information. Yes, you do need to keep a mileage log: Today is the first business day of the new year. You may have resolved to keep good … Continue reading →

Posted in IRS | Tagged | 6 Comments

2013 Tax Offender of the Year

Posted on December 31, 2013 by Russ

It’s time once more for that most prestigious of prestigious awards, the 2013 Tax Offender of the Year. The winner of this award must do more than just cheat on his or her taxes. It has to be special; it … Continue reading →

Posted in IRS, Taxable Talk | 3 Comments

Bring Me the Usual Suspects: Small Business Policy Index 2013

Posted on December 29, 2013 by Russ

The 18th annual Small Business Policy Index was released almost three weeks ago by the Small Business & Entrepreneurship Council. Congratulations are in order for my home state of Nevada; the Silver State ranked second (behind only South Dakota). Bringing … Continue reading →

Posted in California, Nevada, South Dakota | 2 Comments

Capital Losses Must be Realized to be Taken

Posted on December 29, 2013 by Russ

With just two business days left in 2013, it may be time for you to harvest some capital losses. You’re allowed to take $3,000 of capital losses (in excess of capital gains). To be a capital loss, the transaction must … Continue reading →

Posted in IRS | Comments Off on Capital Losses Must be Realized to be Taken

Nominations Due for 2013 Tax Offender of the Year

Posted on December 25, 2013 by Russ

With just under a week to go before 2013 is complete, it’s time for a final reminder to submit nominations for the Tax Offender of the Year. To be considered for the Tax Offender of the Year award, the individual … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Business Tax Season to Begin on January 13th

Posted on December 21, 2013 by Russ

The IRS announced that they will begin accepting 2013 business tax return on Monday, January 13, 2014. This includes corporate tax returns (Forms 1120 and 1120S), partnership tax returns (Form 1065), trust and fiduciary tax returns (Form 1041), excise tax … Continue reading →

Posted in IRS | Comments Off on Business Tax Season to Begin on January 13th