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May 2019

Mothers are the personification of "it's the thought that counts" when it comes to presents. Any mom would enjoy Mother's Day breakfast in bed on these plates made by her youngsters. (Photo courtesy Mrs. Goff's Pre-K Tales) Bought your mom a Mother's Day gift yet? If so, or even if you're still decided what to give her tomorrow, chances are you'll go the traditional route. "This year, besides the traditional cards, flowers, and clothing, spa services have come into their own as they are seen as more personalized and customizable gifts to pamper Mom," noted Robert Passikoff, president of Brand... Read more →


Photo by vxla via Flickr CC If gratuities are part of your work, then the 10th of the month is an important tax date for you. It's the day — or the next businesses day if the 10th falls on a weekend or holiday — that you must report your tip amount for the previous month when it totals $20 or more. The Internal Revenue Service requires these reports because the tax code considers all types of tips as discretionary, fully taxable income. Wisconsin workers, however, may soon get a break on the state tax level when it comes to... Read more →


Uh oh. How did that 1099-MISC end up that desk drawer instead of with all your other tax documents you used to file your annual tax return? That mystery might never be solved, but an X filing can help you get the truth about your taxes to the Internal Revenue Service. I'm talking about IRS Form 1040X. It's the document you use to correct filing mistakes. It's known as the amended tax return form and it's really not that puzzling. Basically, Form 1040X lets you tell the IRS what you originally reported, what your revised numbers are and why you... Read more →


Free File is finally getting a lot of attention. Unfortunately for companies involved in the Internal Revenue Service/tax software partnership, it's not the kind of attention they want. The IRS now is following state officials in California and New York in looking into whether potential Free File users were intentionally directed away from the program. Free but not that popular: Free File, as the name indicates, was designed to allow most taxpayers access to no-cost online tax return completion and electronic filing. The 2019 filing season is its 17th. It's still available to taxpayers through the Oct. 15 extended filing... Read more →


Around two dozen tax breaks are now in a legislative zombie state, much like these creatures in George Romero's classic zombie film "Night of the Living Dead." The tax versions are waiting for federal lawmakers to bring them back to life or finally and completely put an end to them. (Photo via Wikimedia Commons) A dozen groups spanning the political spectrum are urging Congress to let zombie tax extenders remain dead. Are you still waiting on expired tax provisions to be resurrected? If a motley crew of public policy, tax and advocacy groups get its way, you'll be waiting forever.... Read more →


New parents Harry and Meghan don't have to worry about the expense of their new bundle of joy. But for us non-royals, raising children is costly. We former colonists here across the pond can get some help covering those costs thanks to several U.S. tax breaks. An obviously elated Prince Harry announces the birth of his and wife Meghan's son. (Screen shot from the Sussex Royal Instagram) It's a boy! Watchers of the Royal Family in the United Kingdom, here across the pond and yes, worldwide, are celebrating today's announcement that the Duke and Duchess of Sussex are now parents... Read more →


Today is the start of the annual Small Business Week. And yes, you can combine it with Cinco de Mayo and raise a margarita to your favorite entrepreneur. These 30 million or so smaller companies are hailed as America's backbone. Approximately 10 million are women-owned, 29 percent are minority-owned and nearly 10 percent are veteran-owned. Running a small business has never been easy. In fact, their size tends to put more pressure on such operations. Profit margins are thin. The ability to offer benefits to workers is stretched. And small companies tend to be more at the mercy of the... Read more →


In a few hours, we'll find out which thoroughbred will be wearing this year's coveted Garland of Roses. (Photo by Craig L. Duncan via English Wikipedia [CC BY-SA 3.0]) OK Tax and tax fans, have you placed your Kentucky Derby bets yet? By now, you know that tax, in addition to being the main focus of my professional writing life also is the name of a horse entered in today's 145th Run for the Roses at Churchill Downs. Betting basis: Is Tax a good bet? Depends on what you want to get out of it. If you have some spare... Read more →


Photo by Ken Hawkins via Flickr CC Free. It's the most magical word in the world. Everyone is always looking to get something for nothing. That includes tax filing. A couple of weeks ago, the tax and consumer protection worlds were abuzz over a provision in the Taxpayer First Act of 2019 that cleared the U.S. House with a provision that keeps the Internal Revenue Service from developing its own no-cost tax filing program. Such total IRS ownership of the form filling and electronic filing is the unicorn of the tax world for many. They oppose Uncle Sam acting as... Read more →


Tax working out this week in front of Churchill Downs' iconic Twin Spires. (Photo courtesy @DeanDorton via Twitter) The first time I bet on a horse I was just 9. My family was vacationing in Ruidoso, New Mexico, and my dad put $2 on the quarter horse I selected the day we visited Ruidoso Downs. I can't remember why I chose that horse in that race, but I do remember it won. I also remember the last time I bet on a horse. It didn't win, but I do remember why I picked it. It had the same name as... Read more →


Children celebrate May Day by dancing around a maypole on the Village Green in Tewin, near Welwyn Garden City, Hertfordshire, England. (Photo by Paul Barnett via Wikimedia Commons) Happy May Day! It's the annual May 1 global holiday celebrating the contributions of workers. But the other mayday often comes to mind when taxes are involved. If it's a tax distress signal you're sending out as the merry month of May begins, here are some moves that could help ease your tax trepidations. 1. File your 2018 return. If last month you didn't file your 2018 tax return, either because you... Read more →