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Interview Published in January-February 2013 issue of Southern Writers Magazine
Interview with Gary Hensley on “Deducing the Deductions” by Vicki Moss in the January/February 2013 issue of Southern Writers Magazine, pages 10 and 11. Travel expenses, the home office deduction, and...
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When Does Your Writing “Business” Actually Begin? Part 1
By Gary A. Hensley, MBA, EA Warning: Grab a hot cup of coffee or tea before you begin reading this dry, although critical, unbuttered toast of a blog. The title of this blog presents a straightforward...
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Who Pays Federal Taxes?
The top 1% of all filers paid about 35% of all federal income taxes in 2011, the most recent year IRS has analyzed. Filers need to have adjusted gross income (AGI) of at least $388,905 to qualify for...
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Warning! Form 1099-MISC and Payments to LLCs
By Gary A. Hensley, MBA, EA Most of you are aware that you need to issue a Form 1099-MISC to independent contractors you paid $600 or more for services (not goods) during 2014 no later than February 2,...
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It’s Time to End (or at Least Reduce) the Taxation of Social Security Benefits
Opinion Tax Reform Recommendation By Gary A. Hensley, MBA, EA As we begin another season of watching political candidates aspire to the presidency, we will be smothered with ideas about how to “save”...
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Appearance at 42nd Midwest Writers Workshop
Looking forward to my repeat visit to the 42nd Midwest Writers Workshop at Ball State University in Muncie, IN to talk about the “business side of writing.” I will be giving classroom lectures on...
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IRS Announces 2016 Standard Mileage Rates
By Gary A. Hensley, MBA, EA IRS, in Notice 2016-1, announced the optional 2016 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business,...
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No Deduction Allowed for Substantial Use of RV
Jackson, Tax Court Memo. 2014-160 The taxpayer was an insurance agent who specialized in selling insurance policies specific to recreational vehicles (RVs). To gain access to RV owners, the taxpayer...
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Who Pays Taxes (and who doesn’t)?
The top 1% of individual filers paid 37.8% of all federal income taxes in 2013, the most recent year IRS has analyzed. That’s down from 38.1% the previous year. This group reported 19% of total...
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Shareholder-Employee “Reasonable Compensation” in a S-Corporation
Some writers, publishers, illustrators and many other small business owners have been advised (or otherwise selected on their own) to operate as a Subchapter S corporation under the Internal Revenue...
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