Author Archives: Russ

California Storm Victims’ Tax Deadline Pushed Back to May 15th

Posted on January 10, 2023 by Russ

The IRS announced today that California storm victims have until May 15th to file any tax returns and make any payments that are due between now and May 14th, including the fourth quarter federal estimated tax payment due January 17th, … Continue reading →

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Start Your 2023 Mileage Log

Posted on January 3, 2023 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Tuesday will be the first business day of the new year for many. You may have resolved … Continue reading →

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2023 Standard Mileage Rates

Posted on January 1, 2023 by Russ

The IRS announced on December 29th the standard mileage rates: $0.665/mile for business use (up from $0.635/mile as of July 1, 2022); $0.22/mile for medical/moving for active-duty members of the Armed Forces; and $0.14/mile in service of charitable organizations. These … Continue reading →

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The 2022 Tax Offender of the Year

Posted on December 29, 2022 by Russ

It’s time once more for that super prestigious award I give out, the Tax Offender of the Year.  One year there will be no candidates, but 2022 absolutely isn’t the year.  Let’s look first at some who didn’t make the … Continue reading →

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New York, California, and Illinois Lose AGI & Population Per IRS Data

Posted on December 25, 2022 by Russ

The Tax Foundation produced a report showing the overall gain (and loss) of population and taxpayers’ Adjusted Gross Income (AGI) during the second half of 2019 through the first half of 2020.  For the most part, high tax states were … Continue reading →

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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting

Posted on December 23, 2022 by Russ

Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023).  First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K).  Quoting from the … Continue reading →

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IRS: Don’t Call Us, Don’t Write Us

Posted on December 8, 2022 by Russ

No, I’m not talking about my business: feel free to call or write us (but due to a water leak, our office is closed today, Thursday, December 8th–we’ll be in tomorrow).  Rather, I’m talking about calling the IRS and writing … Continue reading →

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If You Use FTX (Cryptocurrency Exchange)

Posted on November 9, 2022 by Russ

Cryptocurrency exchange FTX (FTX.com and FTX.us) appears to be in severe financial difficulties.  Binance was going to purchase them, but that purchase isn’t going to happen.  It appears that FTX could fail at any time.  There are a number of … Continue reading →

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The Jarretts Win a Pyrrhic Victory

Posted on November 7, 2022 by Russ

Let’s say you really want the IRS to change how it treats an issue that impacts you.  So you file a tax return including that item (as the IRS wants it done), adding $9400 of income and $2000 to your … Continue reading →

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2022 Tax Season: The Tax Season From Hell (Part 4)

Posted on November 4, 2022 by Russ

To recap, in Part 1 of this series I dealt with IRS failures in the 2022 Tax Season; in Part 2, I covered what the IRS should do to fix the mess.  In Part 3, I wrote about what our … Continue reading →

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