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Philip L. Liberatore, CPA Blog

Should You Have an Identity Protection PIN?

Article Highlights: Taxpayer First Act Taxpayer Notification when a SSN is Fraudulently Used Purpose of an IP PIN Obtaining an IP PIN Is an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity … Continue reading...

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Employer-Offered Benefits That Can Save You Money and Taxes

Tax law includes a number of tax- and financially favored benefits that employers can offer or provide to their employees. This article is intended to make you aware of these perks, with the caveat that all employers, especially small businesses, may not provide all, or perhaps any, of these covered perks. But whichever of these … Read More

Is It Better to Have a Tax Credit or a Deduction?

Article Highlights: Itemized Deductions Above-the-Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or … Read More

Are You Subject to Self-Employment Tax?

Article Highlights: Self-employed Individuals Estimated Taxes Self-Employment Tax Estimated Tax Safe Harbors 1099-MISC and 1099-K Others Subject to Self-employment Tax income Not Subject to Self-employment Tax Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from...

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Earned Income Tax Credit: Used, Abused and Altered

Article Highlights: Purpose of the Earned Income Tax Credit Qualifications Earned Income Qualified Child Credit Phaseout Computing the Credit Investment Income Limit Combat Pay Election Fraud Safeguards Any discussion of the earned income tax credit (EITC) needs to begin with a discussion of why Congress created it in the first place. It has a twofold … Read More

October Extended Due Date Just Around the Corner

Article Highlights: October 15 is the extended due date for filing federal individual tax returns for 2018. Late-filing penalty Interest on tax due. Other October 15 deadlines. If you could not complete your 2018 tax return by the normal April filing due date and are now on extension, that extension expires on October 15, 2019. … Read More

Who Claims the Children You or Your Ex-Spouse?

Article Highlights: Custodial Parent Dependency Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Earned Income Tax Credit If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax … Read More

Tax Issues That Arise When Converting a Home into a Rental

Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion There are many reasons to convert a home into a rental, such as to ensure that a prior home produces income and appreciation after the owner buys a new home; to maximize the tax benefits for … Continue reading Read More

Make a Tax-deductible Donation for Hurricane Disaster Relief

With Hurricane Dorian set to make landfall as a devastating storm on the east coast, the Dream Center response team is set to deploy at a moment’s notice. The Dream Center has been responding to disasters all across the United States and around the world for over 10 years. Bringing aid to Texas, Florida, California … Continue reading...

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2019 Business Due Dates

September 16 – S Corporations File a 2018 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of K-1 (Form 1120S) or a substitute Schedule K-1. September 16 – Corporations  Deposit the third installment … Read More

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