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Philip L. Liberatore, CPA Blog

Is It Time for a Payroll Tax Checkup?

Article Highlights: Tax Reform Underpayment Penalties W-4 Modifications for 2020 Withholding Estimator Penalty Abatement Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act … Read More

How to Write Off Worthless Stock

Article Highlights: Tax Loss for a Security Sold or That Is Worthless Proving Worthlessness Selling a Worthless Stock by Year-end Brokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes … Read More

Tax Ramifications of Disposing of a Vehicle

Article Highlights: Trading in a Vehicle Selling a Vehicle Gifting a Vehicle Donating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include … Continue reading Read More

Foreign Account Reporting Requirements

U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. The due for 2018’s report was April 15, 2019, with an … Read More

The Fed just cut interest rates: Here’s what it means for you

The Federal Reserve’s decision to cut interest rates 25 basis points for the first time in over a decade marked a dramatic shift in monetary policy. It will be felt by Americans across the board. After raising the federal funds rate nine times in three years, with the last move coming in December as financial markets … Continue...

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Minimizing Tax on Social Security Benefits

Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the tax ability of your Social … Read More

All the Expert Tips You Need to Properly Manage Cash Flow for Your New Business

In the largest possible sense, handling the cash flow for your new business is exactly what it sounds like ‒ you’re trying to get the clearest level of visibility into “money coming in versus money going out” as possible. But managing cash flow is also about a lot more than that, too. It’s about making … Continue reading Read More

What You Need to Know about Student Loan Interest

Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-Line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on … Read More

Small Business Owners May Qualify for a Home-Office Deduction

Article Highlights: Qualifications Actual Expense Method Simplified Method Home Office Expenses for Renters vs. Homeowners How Moving Affects the Home-Office Deduction Other Issues Gross Income Limitation “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the … Read More

Does Your Tax ID Need to be Renewed?

Article Highlights: Expiring ITINs IRS Currently Accepting Renewal Applications Family Renewal Options How to Renew Common Errors to Avoid According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment … Read More

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