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Recent Tax Court decision could wreak ha

Glover v. Comm, a recent tax court decision, presents several issues to Merchant Mariners. Mr. Glover worked for Reinauer Transportation. His tugs pushed oil coastwise as far as Virginia. The tugs wou

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Recent Tax Court decision could wreak havoc on Mariners

State Taxes and Mariners

Suz asked this question So, what about if you live in one state (TN) and work as a merchant mariner in another state (HI), 45 days on/45 days off rotation? Do you pay HI state taxes, or does the payro

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State Taxes and Mariners

Mariner Tax Update January 2011

E-Filing alert! How many times have you read that mariners cannot E-File? How many websites have posted this. Year after year. And then all of a sudden preparers start proclaiming “mariners can

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Mariner Tax Update January 2011

Employee vs. Non-Employee LLC and S-Corp

I’ve been a client of yours for a few years now and I had a general tax question concerning my wife’s job status. She currently works full time for a marketing firm in “Deleted”

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Employee vs. Non-Employee LLC and S-Corp Planning for Mariners and their families

Maritime Tax Preparers and the Alternati

What they don’t want you to know… This video points out the tremendous effect of the AMT on merchant mariners. Seamen taking business deductions and offsets may very well be realizing litt

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Maritime Tax Preparers and the Alternative Minimum Tax

Sailors want a fair shake

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by on September 26, 2010 at 8:46 pm

Tax Planning Never Goes Out of Style!

If there is one common trait we all share it is in taxation. There’s rarely a movement “by the people… for the people” to increase taxes. We occasionally feel cheated and wronged. We voice our outrage when we discover officials trusted with our hard earned tax dollars have squandered them away. We stand dumbfounded when businesses responsible for catastrophic economic downturns are fronted billions… of which they hand out bonuses.

We’re okay with a “fair share”

In my experience, mariners are generally content in paying taxes. Most see it as a civic duty. I’m not saying they run into my office dancing for joy at the possibility of owing Uncle Sam another mortgage payment. Only that they accept it as a part of citizenship. But we also share another common trait. No one wants to pay more than their fair share. (more…)

New IRS Rules for Investors

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by on September 10, 2010 at 12:43 pm

If you have a brokerage account, you soon will get a mailing or call about a new tax law that takes effect next year. Don’t ignore this one.

The subject: what you must do now that your broker must report an investment’s cost basis to the Internal Revenue Service after you sell a stock.

Cost basis is an area that is both crucial and confusing to taxpayers. It refers to the price of acquiring an investment, which then becomes the starting point for figuring tax when it is sold. Tracking basis can be complex, especially when there are multiple purchases, splits or dividend reinvestments. Shares in the same investment sold for the same price, for instance, generate different amounts of tax if they have different cost bases.

via Tax Report: New IRS Rules for Investors – WSJ.com.

in IRS Updates