Barry J. Friedman, CPA, Author at CPA Trendlines

What to Do with an Inherited Mortgage

4 specific tips.

By Barry J. Friedman, CPA
IndustryNewsletters

The right of inheritance applies to all property, including properties with mortgages attached to them.

MORE: Alternative Minimum Tax: What’s It Like Today? | The Latest Rules on Charitable Donations | The Latest Fraud Problem: Synthetic Identities | How to Challenge Property Taxes | Real Estate, IRAs & Clients | Percentage-Withholding for Clients | Bitcoin: What Clients Need to Know | Supreme Court Wayfair Ruling Sows Confusion – And Opportunity
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If your client inherits a mortgaged property, a number of questions and concerns may pop up, including whether the mortgage can be assumed. Your client may wonder how to record the deed and take title to the property.
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BUSY SEASON MANAGEMENT

Alternative Minimum Tax: What’s It Like Today?

There are only two brackets for 2018.

By Barry J. Friedman, CPA
IndustryNewsletters

The Tax Cuts and Jobs Act made many changes to the individual tax law, including the alternative minimum tax.

MORE: The Latest Rules on Charitable Donations | Beware the Taxes of Self-Employment | Charitable Giving under TCJA | Why Padding Tax Deductions Is a Risky Proposition | Portability: Sharing the Estate Tax Exemption
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One of the goals of the new tax law was to reduce the impact of the AMT or even to repeal it entirely. A modification was made – let’s see what it could mean to your clients.
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BUSY SEASON MANAGEMENT

The Latest Rules on Charitable Donations

5 guidelines.

By Barry J. Friedman, CPA
IndustryNewsletters

Charitable contributions are deductible, says the IRS, only if you itemize deductions.

MORE: Beware the Taxes of Self-Employment | 6 Key Facts About Excise Taxes | Gifts to Charity: 6 Facts about Written Acknowledgments | Yes, Home Equity Loans May Still Be Deductible | Social Security Hike the Largest in 7 Years | How to Talk to Clients about ‘Basis’ | Basis: Turning a Common Client Question into New Business | The W-4 Time-Bomb and What To Do About It
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But how do your clients know that the charity they are donating to is qualified?
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CLIENT SERVICE OPPORTUNITIES

Medical and Dental Expenses: What Can You Deduct?

Insurance premiums can be deducted … in part.

By Barry J. Friedman, CPA
IndustryNewsletters

Can your clients deduct medical and dental expenses? That’s a complicated question.

MORE: Beware the Taxes of Self-Employment | 6 Key Facts About Excise Taxes | Gifts to Charity: 6 Facts about Written Acknowledgments | Yes, Home Equity Loans May Still Be Deductible | Social Security Hike the Largest in 7 Years | Basis: Turning a Common Client Question into New Business
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To start with, their deductions must exceed 7.5 percent of their adjusted gross income. And they have to fall into an IRS-approved category.
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CLIENT SERVICE OPPORTUNITIES

Beware the Taxes of Self-Employment

That 15.3% is likely to be a stunner.

By Barry J. Friedman, CPA
IndustryNewsletters

Your clients are self-employed if they’re in business for themselves – including a part-time business. That means they’re also their own tax manager!

MORE: 6 Key Facts About Excise Taxes | How Clients Should Gather Their Papers for Taxes | The Latest Fraud Problem: Synthetic Identities | How to Challenge Property Taxes | Real Estate, IRAs & Clients | Percentage-Withholding for Clients | Bitcoin: What Clients Need to Know
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Your clients can be self-employed as a sole proprietor/an independent contractor, or a member of a partnership or of a limited liability company. As such, they need to file an annual income tax return and pay estimated taxes throughout the year on their income.
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Barry J. Friedman, CPA

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Barry J. Friedman, CPA, is CEO of IndustryNewsletters.

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Friedman brings more than 35 years of experience building and managing CPA firms, as well as digital marketing firms. Barry sold his regional accounting firm, Friedman & Fuller, to American Express and then created BizActions, LLC which became the first and most widely adopted email marketing service for CPA and payroll firms, which he sold to Thomson Reuters in 2012. Previously, he was the founder and CEO of GovCon where he developed an online electronic commerce community that brought together thousands of IT contractors and hundreds of government entities. He earned an MBA in Business Administration from Loyola College and taught Financial Management in that program for three years.

IndustryNewsletters is a power, easy-to-use digital marketing tool for professional service firms with a large and growing library of timely, relevant content. This robust platform includes an email newsletter service, OnTarget email blast tool, Social Sharing tool, Reporting, and more, to assist you in adding value for your clients and growing your business.

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