Monthly Archives: July 2018

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Can you prove it?

Category : Blog , sccm





Business owners can generally deduct ordinary and necessary expenses, if they can prove the costs are bona fide and business related. In one case, a married couple were officers in a mortgage business. The U.S. Tax Court ruled they were eligible to deduct the cost of a promotional mailer as an advertising expense. As proof, they used the husband’s credible testimony and a copy of the original invoice, and showed a bank debit for the same amount. Other deductions, however, such as office rent and furniture, were limited, due to lack of proof. (TC Memo 2018-102)


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Paycheck Checkup

Category : Blog , sccm


Do you need a “paycheck checkup”? Since the Tax Cuts and Jobs Act became effective, the IRS has been urging taxpayers to determine the best amount to have withheld for their individual circumstances. Major changes to the tax law make a “checkup” a good idea. They include an increase in the standard deduction, the removal of personal exemptions, new tax rates and an increase in the child tax credit. Tools that can help: the IRS’s “withholding calculator” at https://bit.ly/2aLxK0A and Publication 505, “Tax Withholding and Estimated Tax,” at https://bit.ly/2IZHOkp