Mark Gleason's Taxation of Small Business Blog

Deduction for 2019 Medical Expenses

I like to think of the deduction for medical expenses as a “phantom” deduction. Most taxpayers who itemize deductions on their annual income tax returns are aware that they can deduct their medical expenses. However, not everybody understands the “floor” … Continue reading

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Nasty Penalties

The minimum penalty for being 60 days late filing your federal income tax returns increases from $215 to $435 for 2020 returns. Years ago, if there was no tax due, there was no penalty for filing your tax returns late. … Continue reading

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IRS Free File

You don’t need to hire a professional tax preparer, if you have a simple tax return. Most people under the age of 30 with modest incomes qualify for Free File. There are 10 offers from “Free File Partners” having different … Continue reading

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New Mileage Rate for 2020

The IRS standard mileage rate for 2020 was recently announced. It’s down slightly: $0.575 per mile. The mileage rate for medical travel is $0.17 per mile and $0.14 for charitable. – Mark Gleason www.mattson-cpa.com

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Taxation of Virtual Currencies – Hard Fork

Long awaited guidelines from the IRS on how to tax a “hard fork” have recently been issued. The concept of a “hard fork” didn’t exist prior to July of 2017 when “bitcoin cash” was created. IRS Revenue Ruling 2019-24 explains … Continue reading

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Taxation of Virtual Currency Transactions – Basics

IRS Notice 2014-21 spells out the basic concepts of how transactions in virtual currencies are taxed. I boiled them down for you and here’s what’s left. For IRS purposes, virtual currency is not treated as currency (legal tender). It is … Continue reading

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New Per Diem Rates for Business Travel Deductions

The IRS has revised their simplified per diem reimbursement rates for lodging, meals, and incidental expenses effective October 1, 2019. These rules provide convenience to employers and employees by eliminating the need to save detailed receipts for employee travel reimbursements. … Continue reading

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The Most Difficult Sentence To Understand In The Tax Code

The Most Difficult Sentence To Understand In The Tax Code Today I am going to share with my readers, Internal Revenue Code Section 509(a), which is supposed to be “legendary as the most difficult sentence to understand in the tax … Continue reading

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Get Your Social Security Estimate Online

In 2011, the Social Security Administration (SSA) stopped the previous practice of sending out annual estimates of Social Security Benefits. However, there is an online calculator on Social Security’s web site which gives users a good picture of what their … Continue reading

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Is Your Will Up To Date?

Is Your Will Up To Date? If your will (or revocable trust document) has not been revised in the past five years, it’s time to dust it off and see if it still states your wishes. ┬áChanges in your family … Continue reading

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