Keith Boyer CPA's Blog

Topics and tips about accounting, taxes, business to personal finance and more!

Claiming A Federal Tax Deduction for Moving Costs

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs. 

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Hiring your children to save taxes for your business and family



It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall.

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WARNING: A New 2017 IRS Scam

    From Forbes: Kelly Phillips June 15, 2017 In the scam, callers posing as IRS representatives advise potential victims that two certified letters were sent to the taxpayer in the mail but were returned as undeliverable. The callers then threaten to arrest the potential victim if a payment is not immediately made through a prepaid debit card. The scammer also tells the victim that the purchase of the card is linked to the Electronic Federal Tax Payment System (EFTPS) system: it is not. To ensure that the potential victim doesn't back out, the caller warns the taxpayer not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made. This should be a red flag. You should always have the opportunity to contact your tax professional before resolving a tax dispute. Additionally, if you're not sure that you owe taxes, you always have the...
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What are the most tax-advantaged ways to reimburse employees' education expenses?

     Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings.   A fringe benefit qualifying reimbursements and direct payments of job-related education costs are excludable from employees’ wages as working condition fringe benefits. This means employees don’t have to pay tax on them. Plus, you can deduct these costs as employee education expenses (as opposed to wages), and you don’t have to withhold income tax or withhold or pay payroll taxes on them. To qualify as a working condition fringe benefit, the education expenses must be ones that employees would be allowed to deduct as a business expense if they’d paid them directly and weren’t reimbursed. Basically, this means the...
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