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# Lopato & Associates, C.P.A.

San Diego CPA

## Sitemaps

- [XML Sitemap](https://www.lopato.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Articles](https://www.lopato.com/blog/) - Blog
- [Business Use of Home](https://www.lopato.com/business-owners/business-use-of-home/) - Qualifying for Deduction To take a business deduction for home office expenses, you must use your home under one of the following scenarios. You have an area in your home that is regularly and ex-clusively used as your principal place of business. You have an area in your home where you regularly and exclusively meet
- [Business Owners—Taking Money Out of a Business](https://www.lopato.com/business-owners/business-owners-taking-money-out-of-a-business/) - Business Owners - Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to make sure finan-cial transactions are controlled and do not cause unantici-pated taxation
- [Business Management Tips](https://www.lopato.com/business-owners/business-management-tips/) - Online Business Resources www.sba.gov The U.S. Small Business Administration (SBA) provides programs for businesses in the areas of technical assistance, training and counseling, financial as-sistance, assistance with government contracting, disas-ter assistance recovery, advocacy laws and regulations, civ-il rights compliance, and special interests, such as women, veterans, Native Americans, and young entrepreneurs. The website provides links
- [Business Expenses Worksheet](https://www.lopato.com/tax-2/business-expenses-worksheet/) - Business Expenses Worksheet If this is your first year with our firm, please provide a depreciation schedule for all property placed in service in prior years. DOWNLOAD PDF Contact Us There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves sum-marizing transactions and events
- [Business Entity Pros and Cons](https://www.lopato.com/tax-2/business-entity-pros-and-cons/) - Sole Proprietorship Pros No formal creation process. Easy to operate and dissolve. No separate tax return. Easy to integrate business use of home deductions. No double taxation of profits. Cons No liability protection, except through insurance. Self-employment tax is assessed on entire net profit of the business. Transfer of ownership can be complex. Limited access
- [Business Entity Comparison Chart](https://www.lopato.com/tax-2/business-entity-comparison-chart/) - Sole proprietor, single-member LLC, and spouses-owned business Entity Schedule C (Form 1040), Profit or Loss From Business Schedule F (Form 1040), Profit or Loss From Farming Schedule SE (Form 1040), Self-Employment Tax IRS Pub. 334, Tax Guide for Small Business Accounting and Recordkeeping Accounting is less involved than partnerships and corporations. Double-entry bookkeeping is not
- [Audits](https://www.lopato.com/tax-2/audits/) - Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Al-though not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding ad-ditional tax owed.
- [Sale of a Principal Residence](https://www.lopato.com/business-owners/sale-of-a-principal-residence/) - Exclusion of Gain Principal residence defined A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main home at any one time. Individual homeowners Individuals can exclude up to $250,000 of gain on the sale of a home if three tests
- [Alternative Minimum Tax](https://www.lopato.com/business-owners/alternative-minimum-tax/) - Alternative Minimum Tax (AMT) The alternative minimum tax (AMT) was originally enact-ed to ensure that high-income taxpayers pay at least a min-imum amount of tax if they benefit from certain deductions and other tax preference items.The AMT tax computation is a parallel system to the reg-ular tax system with its own definitions of income and
- [Tax News and Industry Updates](https://www.lopato.com/tax-2/tax-news-and-industry-updates/) - Standard Mileage Rate Cross References Rev. Proc. 2010-51 Announcement 2022-13 Notice 2023-03 The IRS has released the 2023 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, med-ical, or moving expense purposes. The following chart reflects the new 2023 standard mileage rates compared to the
- [Retirement Savings:  Leave, Take, or Roll](https://www.lopato.com/uncategorized/retirement-savings-leave-take-or-roll/) - Leave You may leave the money where it is, provided your former employer\'s plan permits it. But before you do, there are a few things you should consider. First, do you wish to consolidate your plan savings with other savings you may have elsewhere? Second, would you like to have more investment choices than your
- [Tax Settlement Services](https://www.lopato.com/services-view/tax-settlement/) - If you have gotten a huge bill from the IRS and do not know what to do we are here to help you! Even if you legitimately owe the IRS the money we can help you reduce and/or restructure a tax bill so it is manageable for you. The IRS does offer tax settlements so
- [Tax Preparation Service](https://www.lopato.com/services-view/tax-preparation-service/) - Lopato & Associates provides high quality taxation services. Did you know that by having a professional prepare your taxes you can get savings that you did not know were even possible? At Lopato & Associates your tax situation is analyzed by tax professionals who know the tax codes. Instead of using generic software that will
- [Tax Planning](https://www.lopato.com/services-view/tax-planning/) - Doing taxes is like planning a trip. If you plan ahead everything will go smoothly but if you fail to plan you will hit bumps in the road and have problems. Tax planning is vital to save money on taxes. Why pay extra money in taxes when structuring a transaction differently will legally and safely
- [Payroll Services](https://www.lopato.com/services-view/payroll-services/) - Doing payroll in house can be time consuming, frustrating and a big hassle. As laws and regulations change payroll processing can become very difficult. At Lopato & Associates we can take that burden away from you. We can process your payroll for you and ensure that it is done correctly saving you time, hassle and
- [Reporting Tip Income: The Basics](https://www.lopato.com/tax-tips/reporting-tip-income-the-basics/) - The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:Taxable income. Tips are subject to federal
- [New Tax Law Effects Tax-Exempt Organizations](https://www.lopato.com/tax-tips/new-tax-law-effects-tax-exempt-organizations/) - The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations\' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let\'s take a look at three key pieces of
- [Form 8962: Reconciling the Premium Tax Credit](https://www.lopato.com/tax-credits/form-8962-reconciling-the-premium-tax-credit/) - Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also effect a taxpayer\'s ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don\'t file and reconcile their 2019 advance credit payments may not be eligible for advance payments of the premium tax
- [Tax Treatment of State and Local Tax Refunds](https://www.lopato.com/tax-tips/tax-treatment-of-state-and-local-tax-refunds/) - The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.As in prior years, if a taxpayer chose the standard
- [Home Equity Loan Interest Still Deductible](https://www.lopato.com/mortgage/home-equity-loan-interest-still-deductible/) - The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit
- [New Rules for Depreciation and Expensing](https://www.lopato.com/tax-tips/new-rules-for-depreciation-and-expensing/) - As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let\'s take a
- [It\'s Not Too Late to Make an IRA Contribution](https://www.lopato.com/tax-tips/its-not-too-late-to-make-an-ira-contribution/) - If you haven\'t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you\'ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions.Be sure to tell the
- [Worker Classification: Employee vs. Contractor](https://www.lopato.com/business-owners/worker-classification-employee-vs-contractor/) - If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.Why It MattersThe Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because many business
- [Are Social Security Benefits Taxable?](https://www.lopato.com/tax-2/are-social-security-benefits-taxable/) - Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable income
- [What to Do If You Are Missing Important Tax Forms](https://www.lopato.com/tax-2/what-to-do-if-you-are-missing-important-tax-forms/) - If you are ready to file your taxes but are missing important tax forms here\'s what you should do:Form W-2You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no later
- [Tips for Taxpayers Who Make Money From a Hobby](https://www.lopato.com/tax-tips/tips-for-taxpayers-who-make-money-from-a-hobby/) - Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return. Generally, if someone has
- [Figuring out Your Correct Filing Status](https://www.lopato.com/tax-tips/figuring-out-your-correct-filing-status/) - Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.Single, married, divorced? Kids or no kids? These are just a
- [Student Loans: Cancellation of Debt Relief](https://www.lopato.com/tax-2/student-loans-cancellation-of-debt-relief/) - Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements
- [Six Facts About Form 1040-SR](https://www.lopato.com/tax-2/six-facts-about-form-1040-sr/) - Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:1. Form 1040-SR is designed with larger font size (i.e., \"large print\") as
- [Do You Need to File a 2019 Tax Return?](https://www.lopato.com/uncategorized/do-you-need-to-file-a-2019-tax-return/) - Most people file a tax return because they have to, but even if you don\'t, there are times when you should - because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you\'re one of them.General Filing RulesWhether you need to file a
- [Claiming an Elderly Parent or Relative as a Dependent](https://www.lopato.com/tax-2/claiming-an-elderly-parent-or-relative-as-a-dependent/) - Are you taking care of an elderly parent or relative? Whether it\'s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.Fortunately, there
- [2020 Tax Withholding: the new Form W-4](https://www.lopato.com/tax-2/2020-tax-withholding-the-new-form-w-4/) - Form W-4, Employee\'s Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee\'s marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker\'s expected filing status and standard deduction for the
- [ACA Reporting Requirements for Employers](https://www.lopato.com/tax-2/aca-reporting-requirements-for-employers/) - The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage.The size and structure of a workforce determines which parts of the law apply
- [Original Tax Due Dates for March 2020](https://www.lopato.com/tax-2/original-tax-due-dates-for-march-2020/) - NOTE: Due to the coronavirus these deadlines have changed.March 2Farmers and Fishermen - File your 2019 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020.Health Coverage Reporting - If you are an Applicable Large Employer,
- [Tax Due Dates for February 2020](https://www.lopato.com/tax-2/tax-due-dates-for-february-2020/) - Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2019. This due date applies only if you deposited the tax for the quarter in
- [Tax Filing Season Begins](https://www.lopato.com/tax-2/tax-filing-season-begins/) - January 27, 2020, marked the start of this year\’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here\’s what individual taxpayers can expect: Another New Design for Form 1040 The
- [Tax Extenders, Retirement Plan Changes, and Repeals](https://www.lopato.com/tax-2/tax-extenders-retirement-plan-changes-and-repeals/) - The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here\'s what you need to know: Individual Tax Extenders Mortgage Insurance Premiums. Homeowners with less than
- [How to check your tax return status for free!](https://www.lopato.com/tax-refunds/how-to-check-your-tax-return-status-for-free/) - Have you ever wondered when your tax refund will arrive or what the status of your tax return is? The IRS features tools on their website that you allow you to get information abut your tax return. We are going to show you how to use the tools while breaking down some methods available. The IRS has 2 online tools
- [How and when do I need to amend my tax return?](https://www.lopato.com/tax-refunds/how-and-when-do-i-need-to-amend-my-tax-return/) - Did you make any mistakes on your tax return? Did you forget to claim something that is deductible? There\'s nothing to worry about because you can send a new form that will help you claim the refund without getting in any trouble whatsoever. Luckily the IRS is familiar with taxpayers sending incorrect paperwork so all you
- [Deduct Your Refinancing Costs](https://www.lopato.com/property-loss/deduct-your-refinancing-costs/) - Deduct Your Refinancing Costs. As the real estate market improves and mortgage rates remain low, many homeowners are considering refinancing their home mortgages. Following are some of the general tax rules for deducting the charges associated with refinancing. Interest Interest on a refinanced loan will be deductible to the extent the loan refinances up to $1
- [Depreciating Business Property](https://www.lopato.com/business-owners/depreciating-business-property/) - Depreciating Business Property. Depreciation deductions can be extremely valuable for a business. For example, in a recent court case, a federal judge ruled a company could begin taking its depreciation deductions for two buildings housing retail stores at a point prior to when they were \"open for business.\" The ruling allowed the company to show a
- [New Accounts for the Disabled](https://www.lopato.com/health-savings-account/new-accounts-for-the-disabled/) - New Accounts for the Disabled. The general information in this publication is not intended to be nor should it be treated as tax, legal, investment, accounting, or other professional advice. Before making any decision or taking any action, you should consult a qualified professional advisor who has been provided with all pertinent facts relevant to your
- [Put Your Refund to Good Use](https://www.lopato.com/tax-refunds/put-your-refund-to-good-use/) - Put Your Refund to Good Use Are you expecting a tax refund from the IRS this year? Although it may be tempting to spend your refund on the newest electronic gadget, consider using it to meet one or more of your financial goals. Pay Down Debt Credit card debt can grow quickly if left unpaid.
- [Renting Residential Real Estate](https://www.lopato.com/rental-property/renting-residential-real-estate/) - A Tax Review for the Nonprofessional Landlord. Renting Residential Real Estate. Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently,
- [Scholarships Taxable or Not](https://www.lopato.com/loans/scholarships-taxable-or-not/) - Scholarships Taxable or Not The really great thing about receiving a scholarship is that the award doesn\'t have to be paid back. But does a scholar­ship represent taxable income? It doesn\'t as long as certain conditions are satisfied. Here\'s a brief rundown of what\'s required for tax-free treatment. Candidate for a degree. The recipient must
- [Business Auto Deductions](https://www.lopato.com/business-owners/business-auto-deductions/) - Business Auto Deductions Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the
- [Who\'s a Dependent?](https://www.lopato.com/tax-write-offs/whos-a-dependent/) - [mp_row] [mp_span col=\"12\"] To most of us, the word \"dependent\" is synonymous with \"child,\" but the IRS\'s definition is a little different. For tax purposes, a dependent must be either a \"qualifying child\" or a \"qualifying relative.\" To be a qualifying child, the child must: Live in your home for over half the year Be
- [Small Business Retirement Plans](https://www.lopato.com/business-owners/small-business-retirement-plans/) - Does your business offer a retirement plan? Whether you\'ve recently started a business or have been operating one for some time, setting up a retirement plan can be beneficial to both you and your employees. Besides providing strong tax incentives to defer income and save for retirement, retirement plans can help you reward and retain
- [Deferring Taxes with a Like-kind Exchange](https://www.lopato.com/tax-defferal/deferring-taxes-with-a-like-kind-exchange/) - If you would like to trade one property for another, consider deferring taxes with a like-kind exchange. It may help you to save some taxes. The like-kind exchange rules permit owners to trade certain appreciated property held for investment or for use in a trade or business for similar like-kind property without recognizing taxable gain.
- [Year-end Income-tax Planning](https://www.lopato.com/tax-planning/year-end-income-tax-planning/) - Year-end income-tax planning, as 2014 winds down, consider some of the following suggestions for saving on your taxes both this year and in 2015. Pay Fourth Quarter Estimated State Taxes Early Taxpayers who itemize on their federal returns may deduct any state income taxes paid during 2014. Paying fourth quarter estimated taxes (generally due in
- [Rental Properties - A Tax Consideration](https://www.lopato.com/rental-property/rental-properties-a-new-tax-consideration/) - For years, owners of rental properties that show a tax loss have had to contend with the tax law\'s \"passive loss\" limitations. With limited exceptions, real estate rental losses may be used only to reduce passive income - the rental losses are not currently deductible against non-passive income, such as salary. Now, owners of real
- [Understanding Health Savings Accounts](https://www.lopato.com/health-savings-account/understanding-health-savings-accounts/) - More people are using health savings accounts (HSAs) to help pay unreimbursed medical expenses and to set money aside for future health care expenses. HSAs are available only to individuals who have a qualifying high-deductible health plan (HDHP). Employers may offer an HSA option along with an HDHP, or an eligible individual with an HDHP
- [Gifting a Personal Residence - Tax Saver or Tax Folly?](https://www.lopato.com/tax/gifting-a-personal-residence-tax-saver-or-tax-folly/) - Many people believe that gifting a personal residence to their children will help reduce their estate taxes. However, because the federal estate-tax exclusion amount is currently set so high ($5,340,000 in 2014), very few people can expect to have federally taxable estates. As a result, unless state estate taxes are a concern, the smart tax move
- [Income Strategies in Retirement](https://www.lopato.com/retirement/income-strategies-in-retirement/) - Income Strategies in Retirement, When you retire, you will probably have several sources of income. These may include traditional individual retirement accounts (IRAs) , Roth lRAs, pensions, 401(k) or 403(b) accounts, mutual fund and brokerage accounts, and Social Security. You\'ll want to have a strategy for managing your income and withdrawing from your accounts that
- [Hobbies and Taxes](https://www.lopato.com/tax-tips/hobbies-and-taxes/) - Is your activity a business or a hobby? Hobbies and Taxes, it\'s important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for
- [Tax Issues for Divorcing Individuals](https://www.lopato.com/tax-tips/tax-issues-for-divorcing-individuals/) - Tax Issues for Divorcing Individuals, when a couple divorces or separates, there are many issues that need to be sorted out. One issue many forget to discuss is taxes. Here is a look at some of the tax issues divorcing couples may encounter. File Jointly or Separately? For tax purposes, a person\'s marital status is
- [Taking 529 Plan Withdrawals](https://www.lopato.com/business-owners/taking-529-plan-withdrawals/) - Taking 529 Plan Withdrawals, to make the most of your Section 529 college savings plan, consider the following. Qualified expenses. Withdrawals from a 529 college savings plan are tax free, provided the withdrawals are not more than the account beneficiary\'s qualified higher education expenses for the year. Qualified expenses include tuition, fees, books, supplies, and
- [New Rules Under the Affordable Care Act](https://www.lopato.com/business-owners/new-rules-under-the-affordable-care-act/) - New Rules Under the Affordable Care Act, the U.S. Treasury Department recently issued final regulations regarding the \"shared responsibility\" requirements placed on certain employers by the Affordable Care Act (ACA). These final regulations ease some rules and delay the phase-in of others. Covered Employers As of January 1, 2015, employers are required to provide qualifying
- [Repairs Versus Improvements](https://www.lopato.com/property-improvement/repairs-versus-improvements/) - Repairs Versus Improvements, if you own a business or an income-producing property, you know there is an important tax difference between a \"repair\" and an \"improvement.\" The cost of a repair can be deducted in its entirety in the year it is incurred, but the cost of an improvement must be capitalized and is generally
- [Taking a Casualty loss](https://www.lopato.com/property-loss/taking-a-casualty-loss/) - Taking a Casualty Loss, the news is filled with stories of people losing their property and even their entire homes to hurricanes, tornadoes, fires, and winter storms. If you have suffered a property loss, you may be able to claim a \"casualty loss\" tax deduction. A \"casualty\" is the destruction of property from some sudden,
- [Hire Your Child for the Summer](https://www.lopato.com/tax-tips/hire-your-child-for-the-summer/) - Hire Your Child for the Summer if you own your own business, you may want to think about employing your child for the summer. Not only will your child learn some valuable workplace skills, but you could reduce your taxes, too. Tax Savings Hiring a child can be a legitimate income-shifting tool. The wages you
- [Selling Your Home](https://www.lopato.com/mortgage/selling-your-home/) - Selling Your Home, it\'s great to make money on the sale of a home, but. the gain is potentially taxable. The good news is that you may qualify for a generous federal income-tax exclusion. General Rules Single taxpayers may qualify to exclude gain of up to $250,000 if they both owned and used the home
- [The New 3.8% Medicare Surtax - Will It Affect You?](https://www.lopato.com/surtax/the-new-3-8-medicare-surtax-will-it-affect-you/) - The New 3.8% Medicare Surtax - Will It Affect You? Higher income taxpayers could have some new taxes and tax rates to contend with when they file their 2013 tax returns. Among them is the new 3.8% Medicare surtax on net investment income. How Does the Tax Apply? This tax will be imposed on the
- [Year-end Tax Tips](https://www.lopato.com/tax-tips/year-end-tax-tips/) - Year-end Tax Tips, a little planning could save a lot in taxes. Here are a few strategies individuals and businesses can use to help lower their 2013 tax bills. Contribute to your retirement savings. To help with this year\'s taxes, increases to your 401(k) plan salary deferral must be made during 2013. However, you have
- [Tis the Season](https://www.lopato.com/tax-write-offs/tis-the-season/) - Tis the Season, at the end of the year, companies often celebrate the holidays by having office parties or giving gifts to their employees. The following are some general guidelines as to what is taxable and what is not. Gifts. Employers can give their employ- ees merchan- dise of nominal value - hams and turkeys,
- [Tax Credit Opportunities](https://www.lopato.com/tax-write-offs/tax-credit-opportunities/) - Tax Credit Opportunities, tax deductions aren\'t the only things to consider when looking for ways to reduce your 2013 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially \"refundable\"
- [Considering Self-employment?](https://www.lopato.com/business-owners/considering-self-employment/) - Considering Self-employment? If you\'re thinking of starting a business venture, you\'ll want to understand how your business income would be taxed. As a self-employed person, you\'d be responsible for paying both income taxes and self-employment taxes on your earnings. Income taxes. Many self-employed individuals operate as sole proprietors. A sole proprietor doesn\'t file a separate
- [Powerful Deductions](https://www.lopato.com/tax-write-offs/2392/) - Powerful Deductions, taxpayers like deductions because they\'re a key to lowering taxes. But not all deductions work the same way in the tax calculation. Those you are allowed to claim \"above the line\" can be especially powerful. On your personal tax return, abovethe- line deductions are subtracted from your income to arrive at your adjusted
- [Tax Breaks for Caregivers](https://www.lopato.com/tax-write-offs/tax-breaks-for-caregivers/) - Tax Breaks for Caregivers, at some point in your life, you may find yourself caring for elderly parents or other relatives. Or you may be doing it now. Whether it\'s hands-on care or financial aid only, providing care may allow you to take advantage of certain tax breaks. Dependency exemption. The person you are caring
- [Help With Health Insurance](https://www.lopato.com/insurance/help-with-health-insurance/) - Help With Health Insurance, consumers will soon be able to purchase health care coverage on new government-run insurance exchanges. The exchanges are being created pursuant to the health care reform law. The initial open enrollment period for the exchanges is scheduled to begin on October 1, 2013, and coverage will be offered on January 1,
- [Home Office Deduction Simplified](https://www.lopato.com/business-owners/home-office-deduction-simplified/) - Home Office Deduction Simplified, beginning with the 2013 tax year, the IRS is making a simpler method available for calculating the home office deduction. At their option, taxpayers may claim a standard rate of $5 per square foot for the qualified business use of their home instead of using a prorated portion of their actual
- [Should You Have Long-Term Care Insurance?](https://www.lopato.com/insurance/should-you-have-long-term-care-insurance/) - Should You Have Long-Term Care Insurance? The prospect of running out of assets or not having enough income to live on in old age is a scary one. Even individuals who have saved diligently for retirement may find themselves in a financial crisis if they end up needing an extended period of long-term care because
- [Prepaying Your Mortgage - A Good Decision?](https://www.lopato.com/mortgage/prepaying-your-mortgage-a-good-decision/) - Prepaying Your Mortgage - A Good Decision? in this time of low interest rates, does it make sense to prepay your mortgage? The earlier you pay off your mortgage, the more interest you may save. Even if your mortgage rate is relatively low, it may be difficult to find a conservative investment that would pay you
- [Tax Milestone](https://www.lopato.com/tax-credits/tax-milestone/) - Tax Milestone, your local store probably carries special cards for the birthdays that tend to be milestones in ordinary life. Although taxpayers shouldn\'t expect to receive cards from the IRS, some birthdays are especially important for tax purposes, too. Birth. You generally can start claiming a dependency exemption for your child in the year he or she
- [Life Insurance - Avoiding Taxes On The Proceeds](https://www.lopato.com/tax-2/life-insurance-avoiding-taxes-on-the-proceeds/) - Life Insurance - Avoiding Taxes On The Proceeds, when you purchased your life insurance, you probably thought about things like how much coverage, you should have a!!d the cost. The subject of taxes may not have come up, or you may have simply assumed life insurance proceeds are not taxable. As with so many tax
- [Time To Review Your Mutual Fund Investments](https://www.lopato.com/income/time-to-review-your-mutual-fund-investments/) - Time To Review Your Mutual Fund Investments, now might be a good time to review your mutual fund investments with a tax-wise eye toward improving your 2013 returns. For any investment, your actual return is the return you realize after accounting for taxes and other expenses paid on the investment. And, by their nature, mutual
- [Deducting Student Loan Interest](https://www.lopato.com/loans/deducting-student-loan-interest/) - Deducting Student Loan Interest, financing a college or graduate school education often requires incurring at least some student-loan debt. For those who qualify for it, the tax deduction for student-loan interest can help ease the financial burden. Overview, The deduction is available for as much as $2,500 of interest annually. Taxpayers don\'t. have to itemize
- [Don\'t Be Caught by Surprise](https://www.lopato.com/tax-write-offs/dont-be-caught-by-surprise/) - Don\'t Be Caught by Surprise, for much of 2012, uncertainty about the fate of various favorable tax law provisions set to \"sunset\" at the end of the year has complicated tax planning. Although the situation may change, as this article goes to press, taxpayers are still waiting for answers from lawmakers and weighing what planning
- [Saving for Retirement Tax Benefits Can Help](https://www.lopato.com/tax-defferal/saving-for-retirement-tax-benefits-can-help/) - Saving for Retirement Tax Benefits Can Help, setbacks in the financial markets and a long road to economic recovery haven’t made the job of saving for retirement any easier. But if you have a 401(k) or similar retirement savings plan at work, there is some good news: The basic tax benefits you receive as a
- [Caution: This Estate Includes IRD](https://www.lopato.com/tax/caution-this-estate-includes-ird/) - Caution: This Estate Includes IRD, here\'s a fictional story you may find interesting if you\'re planning your estate. Ted’s Tale Ted was a successful executive. He had a large estate when he died, all of which he left to his two children, Tina and Tom. Under Ted’s estate plan, Tina will receive land valued at
- [Good Intentions, Bad Tax Results](https://www.lopato.com/tax-2/good-intentions-bad-tax-results/) - Good Intentions, Bad Tax Results, a recent Tax Court case* illustrates what can go wrong when taxpayers don’t have all the documentation required to support their deductions for charitable contributions. The case involves a couple who had made a series of cash donations totaling approximately $25,000 to a tax-exempt organization (their church). They claimed a
- [Make sure your Tax Payment are on Time](https://www.lopato.com/tax-2/make-sure-your-tax-payment-are-on-time/) - Make sure your Tax Payment are on Time, the IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay
- [A Different Way To Give Donor-Advised Funds](https://www.lopato.com/donation/a-different-way-to-give-donor-advised-funds/) - A Different Way To Give Donor-Advised Funds, are you looking for a different way to give to your favorite charities? If you are, you may want to consider a donor-\' advised fund. Donor-advised funds are a popular option because they offer. several attractive benefits: relatively modest contribution guidelines, little to no set-up costs, few ongoing
- [Saving For Retirement When You\'re Self-Employed](https://www.lopato.com/retirement/saving-for-retirement-when-youre-self-employed/) - Saving For Retirement When You\'re Self-Employed, you\'re in good company if retirement security is one of your main financial concerns. A difficult economy, market volatility, and less access to traditional pensions have heightened awareness of the need for retirement planning. As a self-employed individual, you really have to think carefully about your future, since you
- [New Tax on Investment Income](https://www.lopato.com/income/new-tax-on-investment-income/) - New Tax on Investment Income, a new 3.8% Medicare tax on the \"unearned\" (investment) income of higher income individuals will take effect in 2013. It\'s not too soon to look at potential strategies for minimizing the tax if you\'re likely to be subject to it. Who Will It Affect? The new tax will be imposed
- [The Alternative Minimum Tax Trap](https://www.lopato.com/tax-traps/the-alternative-minimum-tax-trap/) - The Alternative Minimum Tax Trap, when the alternative minimum tax (AMT) system was introduced in the early 1980s, it was intended to prevent a small number of taxpayers with substantial economic income from completely avoiding federal income taxes through the use of exclusions, deductions, and credits. The idea was to have those taxpayers do a
- [Your Company\'s Retirement Plan - Time for a Check-up?](https://www.lopato.com/retirement/your-companys-retirement-plan-time-for-a-check-up/) - Your Company\'s Retirement Plan - Time for a Check-up?, no question, keeping a retirement plan in compliance with tax and pension law requirements can be challenging for employers. Since mistakes in plan administration are not unusual and can be costly if uncovered in a government audit it\'s smart for employers to review their plan\'s operations
- [Hobby or Business? Why the IRS Cares](https://www.lopato.com/business-owners/hobby-or-business-why-the-irs-cares/) - Hobby or Business? Why the IRS Cares, turning a hobby you enjoy into a riioney-making activity can make for an ideal work situation. And many people do turn to their personal interests for business inspiration after they \"retire\" or when they simply want to supplement their job earnings. The income received from such pursuits is
- [Put Your Child on the Payroll This Summer](https://www.lopato.com/business-owners/put-your-child-on-the-payroll-this-summer/) - Put Your Child on the Payroll This Summer, are you it self-employed business owner and the parent of a teenager? Giving your child a job this summer could be a smart tax move. Deduction for you. The net income you earn as a self-employed person ill 2011 will he taxed at rates as high as
- [A Window of Opportunity for Family Business Owners](https://www.lopato.com/business-owners/a-window-of-opportunity-for-family-business-owners/) - A Window of Opportunity for Family Business Owners, as a small business owner, you may have high hopes that your kids and grandkids will keep your company going well into the future. Along with those hopes may come worries that a substantial estate-tax burden could make it difficult, if not impossible, for the next generation
- [Generous Write-Offs Available For Equipment Purchases](https://www.lopato.com/tax-write-offs/generous-write-offs-available-for-equipment-purchases/) - Generous Write-Offs Available For Equipment Purchases, businesses have additional incentive to purchase machinery, equipment, and various other assets this year. In a bid to increase business spending on capital investment, Congress has added new incentives as part of the 2010 Tax Relief Act. Equipment Purchases 100% Write-off The new law allows businesses to write off
- [The More Things Change](https://www.lopato.com/tax-rates/the-more-things-change/) - The More Things Change, for much of last year, the possibility of higher tax rates going into effect in 2011 loomed large in taxpayers\' planning. The 20I0 Tax Relief Act\'s extension of the Bush-era tax cuts and certain other taxpayer friendly rules provides a temporary reprieve. Individual Tax Rates Except for inflation adjustments to the
- [Energy Credit Revived](https://www.lopato.com/energy/energy-credit-revived/) - Energy Credit Revived, improving a home to make it more energy efficient can cut utility bills and conserve energy. It also can result in tax savings. Basic Limits The 2010 Tax Relief Act has modified and extended for one year (through 2011) the tax credit available to homeowners for installing cee:tain emergencies property in their
- [It\'s Back! - Repeal of the Federal Estate Tax](https://www.lopato.com/tax/its-back-repeal-of-the-federal-estate-tax/) - It\'s Back - Repeal of the Federal Estate Tax, as widely anticipated, the \"repeal\" of the federal estate tax has proven to be short-lived. And there are some new wrinkles in our transfer-tax laws, courtesy of the 2010 Tax Relief Act. Here\'s what you need to know. 2010 Estates Tax Rates Taxpayers inheriting assets from individuals

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