BLS Insights

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Month: July 2014

Optional Safe Harbor Method for Determining the Home Office Deduction

July 29, 2014

In 2013, the Internal Revenue Service (IRS) provided an alternate way to calculate the Home Office Deduction called the Optional Safe Harbor Method in Rev. Proc. 2013-13. This simplified method is ideal for those who do not have adequate records of home expenses, do not wish to depreciate their home, or are renters. Under this … Continued

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The Gift of Giving Back Could Become More Valuable…Permanently

July 22, 2014

On May 29, 2014, the Ways and Means committee approved four individual bills which would permanently reinstate three of the expired charitable giving incentives and extend the deadline through April 15 for individuals making charitable contributions.

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Follow Up to ‘Applying for Tax Exemption Just Got EZer’

July 08, 2014

As a follow up to my most recent blog entitled Applying for Tax Exemption Just Got “EZ”er the IRS made available, beginning July 1, 2014, a final Form 1023-EZ on IRS.gov.

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Alternative Minimum Tax – Not Your Average Tax Hike

July 07, 2014

The Tax Reform Act of 1969 included one of the more clever devices to hit the Internal Revenue Code in the history of tax legislation, in my opinion. While public disapproval will commonly follow anything associated with raising taxes…

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