Thomas G. Rex, CPA

01/16/2023

What the IRS says - “ What is the Gig Economy?
The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Gig Economy Income is Taxable”.

I can help you file your tax returns!

Understand your federal tax obligations such as paying estimated tax, and how digital platforms must report payments for sharing economy workers.

01/16/2023

I can represent you before the IRS if you need help. Click on the link below to see what your rights are as a taxpayer.

01/16/2023

01/16/2023

I’m ready if you are. Get a head start and file your returns as soon as IRS e file opens!

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

01/22/2019

U.S. Individual Income Tax Return SCHEDULE 1 - Additional Income and Adjustments to IncomeThis is where you enter your business income and rental income

01/16/2019

I saw an advertising for medical ma*****na that said something like - get legal for 2019!We can say the same thing for not filing tax returns.

01/11/2019

The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes individuals can deduct in a calendar year to $10,000, or $5,000 if married filing separately. This applies to income, real estate, and sales taxes.

There may be some tax planning possibilities for timing when these taxes are paid, but these are tricky and should be done after careful research or by talking with your tax adviser.

The standard deduction is now:

$24,000 for married filing jointly and qualified widow(er),
$18,000 for heads of household, and
$12,000 for single filers and married filing separately.
However, personal exemptions have been eliminated.

So for some taxpayers, the standard deduction may now be better than itemizing, especially since the miscellaneous itemized deductions subject to 2% of your adjusted gross income have been eliminated. But you need to crunch the numbers.

04/27/2017

This is an attempt to bridge the gap between low income taxpayers who qualify for help and those who don't but don't have all the funds to become tax compliant.

My CPA practice is primarily working with people with IRS tax problems. Some of them receive IRS Notices, who don't have the money to reply and comply, and are above the income level to qualify for the Low Income Taxpayer Clinics. Also, many have been caregivers for a family member which was part...

02/10/2017

Excessive Claims for Business Credits Makes the IRS “Dirty Dozen” List of Tax Scams !

WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2017 filing season.

02/10/2017

Falsely Inflating Refund Claims on the IRS “Dirty Dozen” List of Tax Scams for 2017.

IR-2017-26, Feb. 8, 2017