It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to owners When an owner withdraws funds from the company, the transaction...
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Many career-minded individuals struggle to balance the responsibilities of raising a family with the demands of the office. The solution is often hiring third party help in the form of nannies, maids, drivers, etc. But no matter what you call them, or what services they perform, the IRS classifies anyone who works in your home,...
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A recent Tax Court ruling saw a traveling salesman from Virginia disallowed a deduction for miles he had driven in the course of his work because he failed to properly document them (TC Memo 2016-111). Text from the Tax Court’s decision appears below, but the gist is that the IRS is serious in it’s requirement...
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The issue of identity theft has been coming up in a lot of client discussions I’ve had recently. As scary as having your identity stolen can be, many taxpayers take a lackadaisical approach to protecting themselves and assume that identity theft is something they read about in the headlines, but not something that will happen...
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Back in October, on Facebook and Twitter I linked to a Washington Post article on the new MCC Program offered by the Virginia Housing Development Authority, under which certain eligible homebuyers can get a credit against Virginia income tax for up to 20% of the mortgage interest they pay. The other 80% of mortgage interest...
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