Tax Tips for Members of the Military

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: Deadline Extensions. Some members of the military, such as those who serve in a combat zone, can postpone some tax deadlines. …

Tax Tips for Students with a Summer Job

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want …

Travel & Entertainment: Maximizing Tax Benefits

Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or your own automobile. Meals and …

Pomp and Circumstance

June is Graduation Season, and odds are good that you’ve spent some time seated on a cheap folding chair or arena bleacher watching someone proceed down an aisle in an expensive cap and gown. Commencement speakers will thank the faculty, staff, and parents who made it all possible. But how many of them thank the folks in Washington who drafted …

Who Won the Most at the French Open?

For two weeks every spring, the tennis world focuses its attention on Roland Garros, the Parisian center that hosts the French Open. This year, fans yawned as the dominant Serena Williams cruised to her 20th career major title in the 2015 French Open, defeating the 13th-ranked Czech Lucie Safarova. On the men’s side, fans saw an actual contest, as the …

Bet They Didn’t Think About This

  Matthew Person, CPA David Huff, CPA, PFS, MS Todd Wilson, CPA Person CPA Group 3200 Lake Villa DriveMetairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292 www.personhuffcpa.com Bet They Didn’t Think About This Last week, a New York judge issued writs of habeas corpus on behalf of two chimpanzees named Hercules and Leo, currently living in a research lab at the …

Blockbuster Taxes

  Matthew Person, CPA David Huff, CPA, PFS, MS Todd Wilson, CPA Person CPA Group 3200 Lake Villa DriveMetairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292 www.personhuffcpa.com Blockbuster Taxes Memorial Day came early this year, and that means we get more time with our summer whites! (Of course, summer doesn’t “officially” start until June 21, but who’s counting?) For millions of …

The Original Tax Shelter

 New York City is the indisputable hub of American capitalism. Its glittering streets are home to the worlds of finance, advertising, fashion, publishing, and even organized crime. The island of Manhattan is home to some of the richest people on the planet, and they own some of its priciest real estate in the world. You would think all those rich …

The IRS and Customer Service

If you have ever had to directly call the IRS then you know how difficult it can be to contact them. And it is predicted to only get worse. Be prepared to be very patient. During the fiscal year 2013, the IRS answered only 61% of its taxpayers phone calls. That equated to 20,000,000 ( yes that’s millions) unanswered phone …

May 2015 Tax Calendar for Businesses and Self-Employed

Fr    1   Deposit payroll tax for payments on Apr 25-27 if the semiweekly deposit rule applies. We  6   Deposit payroll tax for payments on Apr 29-May 1 if the semiweekly deposit rule applies. Fr     8  Deposit payroll tax for payments on May 2-5 if the semiweekly deposit rule applies. Mo 11   Employers:  Employees are required to report to you tips of …