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IRS: Your Rights as a Taxpayer
Declaration of Taxpayer Rights Source: IRS Publication 1 (Rev. September 2012) Protection of Your Rights. IRS employees will explain and protect your rights as a taxpayer throughout your contact with...
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Taxation on those Out-of-State Speaking Fees
States Hungry for More Revenue If part of your income derives from speaking engagements around the country, listen up! Those states in which you physically appear and which have a state income tax...
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IRS Announces 2013 Standard Mileage Rates
The IRS announced today the standard mileage rates for 2013: 56.5 cents per mile for business miles (up 1 cent per mile) 24 cents per mile for medical or moving purposes 14 cents per mile driven in...
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The IRS Meal Allowance; Part of your Tax-Reducing Arsenal
One of the most valuable tax-busting deductions seems to be hiding under the mushroom of business inexperience. When I review this deduction at a writers’ workshop, ranging from novice to established...
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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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