Author Archives: Russ

It’s Only Wrong by Three Days

Posted on January 3, 2016 by Russ

Friday’s Las Vegas Review-Journal included a free calendar (with a retail price of $2). Remember the cliche, “You get what you pay for”? Well, that was definitely the case with this free calendar. Highlighted on Friday, April 15 is “Tax … Continue reading →

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Yes, Start Your 2016 Mileage Log Now!

Posted on January 3, 2016 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: Monday is the first business day of the new year for many. You may have resolved to … Continue reading →

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FTB Wins Gillette Appeal

Posted on January 1, 2016 by Russ

California’s Franchise Tax Board won the appeal of Gillette v. Franchise Tax Board. This opinion covers taxation of multi-state entities in California prior to 2012. Gillette (and several other companies) argued that the FTB’s weighing of the “sales” factor higher … Continue reading →

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2015 Tax Offender of the Year

Posted on December 30, 2015 by Russ

Once more it’s time to award that prestigious award, the 2015 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 really needs … Continue reading →

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IRS: We’ll Trust You on Health Insurance for 2015 Because…

Posted on December 28, 2015 by Russ

Earlier today I saw a tweet from Joe Kristan: New Notice 2016-4 extends deadline to provide employee 1095-B and -C copies from 2/1/16 to 3/31/16; 2/29 IRS copy deadline moved to 5/31/16 — Joe Kristan (@joebwan) December 28, 2015 The … Continue reading →

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Last Chance for Nominees for 2015 Tax Offender of the Year

Posted on December 27, 2015 by Russ

In just four days (December 31st) I’ll be announcing this year’s winner of the prestigious “Tax Offender of the Year” award. Remember, To be considered for the Tax Offender of the Year award, the individual (or organization) must do more … Continue reading →

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Harvesting Capital Losses: Act Quickly on Shorts!

Posted on December 27, 2015 by Russ

One of the common techniques at year-end to reduce taxes is to harvest capital losses. Let’s say you own 100 share of some stock that hasn’t done well. If you sell it on or before December 31st, you can use … Continue reading →

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Are Tips (Gratuities) at the Poker Table Deductible?

Posted on December 21, 2015 by Russ

You win a poker tournament, and the floorperson asks you, “Do you want to leave anything for the dealers?” That’s a tip (or gratuity). I was recently asked, “Is that tax deductible? And what about when you’re playing a cash … Continue reading →

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Tax Season to Open on January 19th

Posted on December 21, 2015 by Russ

The IRS announced today that the 2016 Tax Season (for filing 2015 tax returns) will begin on Tuesday, January 19th. The tax deadline will be Monday, April 18th (for federal individual returns) except for taxpayers in Maine and Massachusetts–they get … Continue reading →

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Once Again, the IRS Doesn’t Start by Calling You

Posted on December 20, 2015 by Russ

My mother received a phone call on Saturday morning at 6 am from “Agent Smith” of the IRS demanding immediate payment of her taxes or she would find herself “thrown in jail.” Yes, the scamsters are still out there. Now … Continue reading →

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