Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Taxes

03 December 2019

Helpful Tax Tips For 2019

As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted before the end the of the year to be useful for 2019.

David M Robson

Taxes

26 November 2019

Is Your Will or Trust Up-to-Date?

When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. Among the many changes in that law was a more than doubling of the estate tax exemption. Prior to the TCJA, if the value of an individual’s estate at his or her death was about $5.5 million or more, it was subject to the estate tax. For deaths in 2020, and based on the TCJA inflation-adjusted amounts, just over $11.5 million is exempted from estate tax. So, if your will or trust was premised on the lower value, it may need to be revised so that it provides the appropriate estate tax results for your situation.

David M Robson

Taxes

21 November 2019

Tax Benefits for People with Disabilities

Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.

David M Robson

Taxes

20 November 2019

2019 TAX DEDUCTION FINDER & PROBLEM SOLVER

Our 2019 Tax Organizer is designed to help you identify missing tax deductions and get more organized before your appointment. We update the tax organizer annually to make sure you are in compliance with the latest tax law changes. The tax organizer currently posted below is primarily for the 2019 tax year, although it can be used for other years.

David M Robson

Taxes

19 November 2019

Did You Just Get an IRS Notice of Deficiency? Here's What to Do Next

A Notice of Deficiency from the IRS could be a positive or a negative – but either way, it indicates a discrepancy you need to resolve.

David M Robson

Taxes

19 November 2019

Take Tax Advantage of a Low-Income Year

People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not producing a lot of income for you, or your income will be substantially lower this year than it usually is, you may be surprised to know that you actually might be able to take advantage of some tax-planning opportunities. Implementing some of these ideas will require action on your part before the close of the year. Here are some possibilities.

David M Robson

Taxes

18 November 2019

Cofounder Conflict Could Be One of the Biggest Threats to Your New Business

Founders know there are countless risks to their startup, but they may not realize that one of the biggest threats could be infighting among the cofounders.

David M Robson

Taxes

14 November 2019

Holiday Gifting with a Tax Twist

Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples:

David M Robson

Taxes

12 November 2019

Excess Retirement Plan Contributions Can Be Taxing

Some individuals financially struggle just to be able to make a nominal contribution to their tax-favored retirement plan, whether it be an IRA, 401(k) plan, or some form of self-employment retirement vehicle. Others sometimes over-contribute, whether intentionally or by accident. The following is a rundown of the tax consequences of over-contributing to tax-favored retirement plans.

David M Robson

Taxes

07 November 2019

Year-End Tips for Charitable Contributions

As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from all sorts of charities with which they are not familiar.

David M Robson

Taxes

05 November 2019

The IRS Is Hot on the Trail of Unreported Virtual Currency Transactions

Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to the IRS after the information was subpoenaed, and virtual currency traders held their breath about what the IRS would do with the information related to those 14,000 users.

David M Robson

Taxes

05 November 2019

Take Advantage of the Education Tax Credits

As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending their children to college, which is true, but the credits are also available to you and your spouse (if you are married) as well as to your dependents. So even taxpayers attending school part-time may qualify for a tax credit.

David M Robson

Taxes

29 October 2019

Tax Changes For 2019

As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of them do pass, we will quickly get the details to you.

David M Robson

Taxes

25 October 2019

Want to Turn Your Business Loss to a Profit?

If your business profits need a second look, feel free to reach out to us to talk things over.

David M Robson

Taxes

24 October 2019

Should You Have an Identity Protection PIN?

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 protection pin (IP PIN) to any U.S. resident who requests one. For each calendar year beginning after the date of enactment, the IRS must also expand the issuance of IP PINs to individuals residing in such states as the IRS deems appropriate, provided that the total number of states served by the program continues to increase.

David M Robson

Taxes

22 October 2019

Deducting the Costs of Modifications for Senior-Proofing a Home

While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding grab bars in showers, modifying stairways, widening hallways to accommodate a wheelchair, and other projects to make the home safer and more accessible for older occupants. If you are planning to make such home improvements, you may be wondering whether any of the costs will be tax-deductible.

David M Robson

Taxes

21 October 2019

Video: The Difference Between a Tax Credit and Tax Deduction.

In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Learn more.

David M Robson

Taxes

17 October 2019

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 benefits your employer offers, you should seriously consider taking advantage of them, if you haven’t already.

David M Robson

Taxes

16 October 2019

3 Common Personal Income Tax Problems & How to Respond

Running into issues with the IRS is a year-round concern. Let’s discuss three of the most common tax problems for personal income & their potential solutions.

David M Robson

Taxes

15 October 2019

Are Solar-Powered Batteries the Answer to Power Outages?

Over the past few years, several wildfires have been blamed on power lines downed during periods of low humidity and gusty winds, which typically occur in the fall. The 2018 Camp fire, sparked by downed power lines, was the deadliest in California history, claiming 85 lives and causing more than an estimated $16 billion in damages.

David M Robson

Taxes

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