Disaster relief, tax reform on Congress’ September agenda
As lawmakers return to work after their August recess, Hurricane
Harvey has increased expectations on Congress to quickly pass
disaster-relief tax breaks. September is also expected to bring
Congressi...
Don’t overlook child-related deductions and credits
Parents incur a variety of expenses associated with children. As a
general rule, personal expenditures are not deductible. However,
there are several deductions and credits that help defray some of
th...
Courts Loosen Up On Conservation Easement Rules
Two recent court cases indicate that, although use of a
conservation easement to gain a charitable deduction must continue
to be arranged with care, some flexibility in determining ultimate
deductibil...
How do I? Distinguish partnerships from other arrangements
A partnership is created when persons join together with the intent
to conduct unincorporated venture and share profits. Intent is
determined from facts and circumstances, including the division of
pr...
FAQ: What is “assignment of income” under the tax law?
Gross income is taxed to the individual who earns it or to owner of
property that generates the income. Under the so-called “assignment
of income doctrine,” a taxpayer may not avoid tax by...
September 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
ind...
New challenges for 2014 year-end tax planning
Before the fast-approaching new year, it’s important to take some
time and reflect on year-end tax planning. The weeks pass quickly
and the arrival of January 1, 2015 will close the doors to som...
FAQ: Why use a partnership instead of an S corporation?
Taxpayers that plan to operate a business have a variety of
choices. A single individual can operate as a C corporation, an S
corporation, a limited liability company (LLC), or a sole
proprietorship. ...
IRS fine-tunes offshore voluntary compliance program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure
Program (OVDP) for U.S. taxpayers who have failed to disclose
foreign assets or report foreign income from those assets to the
IRS or ...
Timing gains and losses: selloff before rising rates
In 2012, many taxpayers will have additional considerations when
analyzing whether to sell investments before the end of the year or
retain them in 2013. First, the Bush-era tax cuts are scheduled to
...
How do I? Make a Section 83(b) stock election
Stock is a popular and valuable compensation tool for employers and
employees. Employees are encouraged to stay with the company and to
work harder, to enhance the value of the stock they will earn. E...
Supreme Court hands down landmark health care decision; now what?
On June 28, the U.S. Supreme Court issued its long-awaited landmark
decision on the Patient Protection and Affordable Care Act (PPACA)
and its companion law, the Health Care and Education
Reconciliati...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs paid...
FAQ: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
Newsletters
Our sole purpose is to provide our clients with highly personalized legal and tax advice.
Welcome and thank you for visiting the website of Begley Law Offices, PA.
Since 1984, we have worked with hundreds of individuals and small to medium-sized businesses providing the best possible tax and legal services at affordable fees. We have formed countless rewarding business relationships throughout Minnesota and have helped our clients grow. Our site lists the various services we have to offer in addition to useful tax tools and information. Details regarding our office, meeting preparation, rates, and some commonly asked tax questions can be found on the FAQ page.
Also, please see in the Newsletter Section of our website other articles on tax planning.
Please feel free to contact us with any questions or comments you may have - we would love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
Sincerely,
The Begley Law Office
The information in this Web Site is for general guidance only, and does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting. The information should not and may not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making decisions or taking actions, consult a professional adviser who has been provided with all pertinent facts relevant in your particular situation.
This notice is required by IRS Circular 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding correspondence and/or any attachment is a written tax advice communication, it is not a full “covered opinion.” Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS.
