About Christina McCulloch

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So far has created 16 blog entries.

Qualified Business Income Deduction and Tax Planning

 

With the year of 2018 drawing to a close, now is an ideal time to review your tax situation and evaluate strategies that may help minimize your tax bill.

Tax law changes constantly. Perhaps the most significant change enacted last December as a part of what is commonly called the Tax Cuts and Jobs Act is […]

Tax Reform Summary

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Godecke Clark Tax Reform Summary by Godecke Clark on Scribd

What to Expect When You’re Expecting [tax reform]

The vote is in and Donald Trump will take office with republicans controlling the Senate and House of Representatives. You may recall the last time the Presidency and Congress was controlled by the same party was eight years ago, when the Affordable Care Act (Obamacare) was passed. Regardless of the debate on the merits of […]

IS AN IRA RIGHT FOR ME?

If you’re like most of us you are not expecting social security to be your main source of income during retirement.  You know that you will need to plan for retirement, but there are so many different options and they can all be confusing.  One type of retirement plan that many tax payers take advantage […]

What is a 1099-Misc?

 

There are many types of 1099 forms that get reported every year. However, today I will talk about the 1099-MISC.

Many individuals out there ask, “What is the difference from a W-2 and a 1099?”, “Am I required to file them?”, “How do I issue 1099’s?”

What is a 1099-MISC?
A 1099-MISC form is used to report payments […]

Do I Need to Wait for my Social Security?

 

All through our lives we have been told not to procrastinate. Waiting to do something later has always been frowned upon and growing up I was always told: “Más vale pájaro en mano que cien volando.” The phrase is an old famous proverb that says it is better to hold on to the sure thing […]

Exclusion of Gain on the Sale of Home

 

As the housing market recovers, we are seeing more clients who are selling their homes, either an investment home or their personal residence, at a gain.  While the IRS wants its share of any income—whether personal or business—there is a tax break available to those who have used their home as a personal residence.

Under IRS […]

BENEFITS OF A PROGRESSIVE ACCOUNTING FIRM

 

Is your CPA becoming a dinosaur?

With the constant changes to the IRS tax code and financial reporting requirements, many CPA’s are struggling to keep their knowledge and resources up-to-date, leading many CPA’s to consider early retirement or other business ventures. Meanwhile, progressive accounting firms are dedicating their resources to evolve their practice by hiring experienced […]

Taxpayer Advocate Delivers Annual Report to Congress

 

In her 2015 report to Congress, National Taxpayer Advocate (NTA) Nina Olson expressed concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service that it has historically provided to assist taxpayers comply with their tax obligations. Ms. Olsen characterized the combination of reductions in personal service and the […]

IRS Sent IP PIN Letters Erroneously Listing the Incorrect Year

 

The IRS announced that, due to an error, it sent out CP01A notices, dated 1/14/16, that incorrectly indicate the Identity Protection Personal Identification Number (IP PIN) issued is to be used for filing the 2014 tax return when the IP PIN is actually to be used for the 2015 tax return (The IRS issues IP […]