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RODNEY LAMB

Rodney K. Lamb, Certified Tax Resolution Specialist, Owner and CEO of Truth Induced Financial Inc.   Mr. Lamb has over 20 years of experience in the tax industry.  Accolades include Voted Top Tax Firms in Dallas, Texas by Dallas.com; currently the #1 Reviewed Tax Pro in the USA by PTIN.org; Voted Best Tax Services by Expertise; currently have an A+ rating with the BBB for 10 years with “ZERO financial complaints!”

He is known for his perplexing Phrase, “What’s your Tax Strategy…?”  Mr. Rodney Lamb educates on tax strategy and tax law to enhance the taxpayer’s knowledge.  He says, “Disciplined spending will create the pattern needed to properly maximize on your tax refund.”  As the company motto states: “The most educated client gets the best refund”.

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#1. How to Protect Your Gambling
Winnings from the IRS

Your gambling income is taxable. And—just as important—it’s reportable. The good news is that you can offset your gambling winnings with your gambling losses provided you keep good proof of those losses. The IRS and courts expect you to maintain a “contemporaneous gambling diary.”
You face specific rules for a gambling diary depending on the type of gambling. For example, with slot machines, the IRS advises that you record the machine number, date, and time played to support your winnings. Often, you can find the machine number clearly displayed on the machine. If not, simply ask the casino operator for the machine number.
If your gambling losses exceed your winnings, you get no deductions for your net loss. Further, the net loss does not carry forward. It simply disappears.

As you can see, you need to know how the rules work if you gamble. Don’t reach the end of the year with lots of income on Form W-2Gs and no appropriate tax records for your losses.

#2. Prepay Expenses

The IRS allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance (through December 2018) without challenge, adjustment, or change by the IRS. For a cash-basis taxpayer, qualifying expenses include lease payments on business vehicles, rent payments on offices and machinery, and business and malpractice insurance premiums.
This is a great way to pump up your 2018 deductions with expenses you will eventually pay anyway.

#3. Stop Billing Customers and Patients

An easy strategy for reducing your taxable income for this year is to stop billing your customers until after December 31, 2018. Customers, patients, and insurance companies generally don’t pay until billed. Not billing customers and patients is a time-tested tax-planning strategy that business owners have used successfully for years.

#4. Buy Office Equipment

With Section 179 expensing, you can write off up to $500,000 of office equipment in 2018. Qualifying Section 179 purchases include new and used personal property such as equipment, computers, desks, chairs, and certain qualifying vehicles. To qualify for expenses, you need to both buy the items and put them in business service on or before midnight December 31, 2018.

#5. Use Your Credit Cards

If you are a sole proprietor, the day you charge a purchase to your business or personal credit card is the day the expense is deductible. Therefore, as a proprietor, consider using your credit cards to buy office supplies and other business necessities.

#6.Buy Your Employees (and Yourself)
Flowers and Fruit, and Deduct the Cost

Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under special circumstances. The recipients—you or your employees—receive these fringe benefits tax-free.
You can’t do this too often or spend too much money. But it’s easy to see that this is a great benefit, especially when you give to yourself.
For your business to make this fringe benefit tax-free, it must meet two requirements—value and frequency. Here the IRS has not been very helpful in defining either criterion. With some research, we arrived at $70 as the maximum value for the flowers, fruit, books, and similar property.
How often is too often? The IRS doesn’t say, but it adds some common sense to the regulation with this guidance as to when this fringe benefit is appropriate: “Examples of de minimis fringe benefits are … flowers, fruit, books, or similar property provided to employees under special circumstances (e.g., on account of illness, outstanding performance, or family crisis).”
Just don’t use gift cards or certificates. The IRS considers the coupon or gift card taxable to the recipient no matter how small the amount, even if that small amount is used solely to buy the flowers or fruit.

#7.Turning Your Personal Home into a Rental Property

Are you looking to make some cash by turning your home into a rental property? Before you simply convert your home into a rental property, consider one extra step that could add some tax money to your pockets.
The one-extra-step strategy is to create an S corporation and then sell your home to the S corporation, which would then operate as the landlord for the property. With this strategy:
  1. You avoid taxes by using the home-sale profit exclusion of up to $250,000 ($500,000 for joint returns).
  2. You create an increase in your rental property’s depreciable basis that generates an increase in depreciation deductions.

Wow! Yes that was FREE! Great info you may have not known, what’s your tax strategy? We hope you enjoyed it…Our company philosophy says it all, “The most informed Client, gets the best refund!” Stay tuned, we have more coming soon, so add us to your contacts and make a folder for safekeeping! And Follow your email for upcoming reports.

*Looking for a New tax Pro? Well...ever consider changing to a Tax Specialist? Contact our office today...
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