Caven & Associates, Inc.

Serving Small to Medium Size Businesses and Individuals since 1977

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TAX NEWS

New Hardship Exemptions for Individual Mandate

While the Tax Cuts and Jobs Act repealed the individual mandate penalty as of January 1, 2019, the requirement for individuals and their dependents to have minimum essential health coverage unless exempt or pay a penalty still applies for 2018 returns. However, the IRS has stated that certain hardship exemptions can be claimed for 2018 [... […]
Standard Mileage Rates for 2019 Are Higher

The IRS has announced the standard mileage rates for certain types of driving in 2019 (Notice 2019-02). Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018, [... […]
No Profit Motive Without Charging for Work

Unless a taxpayer can demonstrate a profit motive, an activity is treated as a hobby. This means all income must be reported, but for 2018 through 2025, no deductions can be taken. The bar to deductions makes the profit motive determination essential in these years. One recent case illustrates that at a minimum, a taxpayer [... […]
Financial Stress Is No Excuse for Nonfiling

Life’s ups and downs can disrupt things for taxpayers, but the Tax Court has made it clear that it’s no excuse for not filing tax returns. Take the following case where a taxpayer who worked in the financial services business was sailing along, earning over $400,000 a year. Then his income began to decline and [... […]

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RT @PeteBlackburn: JONATHAN QUICK IS HERE AND HE IS MAD https://t.co/EoMSfIA6sF

h J R

@cavenassociates

- 2.3491042935058 year ago

RT @IRSnews: RT @IRS_Patricia: Did you file an extension this year? Check this tax tip if you have yet to file. Oct. 17 deadline https://t.…

h J R

@cavenassociates

- 2.3495563165906 year ago

RT @IRSnews: #IRS: Check your #tax withholding as 2016 winds down. Consider adjusting. New factors may delay refunds in ‘17 https://t.co/g4…

h J R

@cavenassociates

- 2.3495570459158 year ago

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