Can you send a 1099 to a deadbeat client? It's probably legal, but probably not a good idea.
It's a holiday week, so I'm re-posting popular stories from the past. A few years ago a show called "Extreme Couponing" was on TV. I decided to explore the tax consequences of people who use dozens (or sometimes hundreds) of coupons to end up paying almost nothing at the grocery store. A common search term that [...]
Image courtesy of Pixabay.com This post from 2011 is quite popular. It's about a person in Minnesota who had a drag racing team which showed substantial losses each year. He took those losses as business deductions on his tax return, but the IRS and Tax Court said "no." The moral is: if you say [...]
It's a holiday week, so I'm re-posting popular blog posts from the past. This is one of my favorites. It was among my first forays into editorial commentary and defending the EA designation.
From the Archives: How to Allocate the Deduction for Federal Estimated Tax Payments on Your Iowa Tax Return
Iowa allows a deduction for federal income taxes paid, including estimated tax payments. The deduction for estimated payments is not straightforward if you're filing your tax return as married filing separately.