Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for an extension. In either case, now it’s time to start thinking about important post-filing season activities to save you tax in...

Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is deciding the fate of the Pension Protection and Affordable Care Act (PPACA) and its companion law, the Health Care and Education Recon...

Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted during an April 2012 hearing by the House Ways and Means Committee.  Lawmakers were advised by many experts to move slowly on making ...

How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in the trade or business and from involuntary conversions. Normally, you have to determine whether property is a capital asset or is ordin...

FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interes...

May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals...

How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned that keeping track and properly logging the variety of expenses you incur for tax purposes is not always easy. Practically speaking, how...

FAQ: Is foreign business travel deductible?
A taxpayer's expenses incurred due to travel outside of the United States for business activities are deductible, but under a stricter set of rules than domestic travel. Foreign travel expenses may be...

How do I? Compute the small corporation AMT exemption?
The alternative minimum tax (AMT) is imposed on corporations in an amount by which the tentative minimum tax exceeds the regular income tax for the taxable year. The purpose of the AMT is to prevent t...

Collapse of mortgage market brings unanticipated tax consequences to homeowners
With the subprime mortgage mess wreaking havoc across the country, many homeowners who over-extended themselves with creative financing arrangements and exotic loan terms are now faced with some grim ...

Pay your taxes on-line: Options for both businesses and individuals
These days, both individuals and businesses buy goods, services, even food on-line. Credit card payments and other bills are paid over the internet, from the comfort of one's home or office and withou...

Reasonable" compensation: Hot button for IRS auditors
In order to be tax deductible, compensation must be a reasonable payment for services. Smaller companies, whose employees frequently hold significant ownership interests, are particularly vulnerable t...

FAQ: How is a major repair on a business vehicle deducted?
A major repair to a business vehicle is usually deductible in the year of the repair as a "maintenance and repair" cost if your business uses the actual expense method of deducting vehicle expenses. I...

How Do I? Calculate required minimum distributions for my traditional IRA
Although you may want your traditional individual retirement accounts (IRAs) to keep accumulating tax-free well into your old age, the IRS sets certain deadlines. The price for getting an upfront dedu...

FAQ: What are payroll taxes?
Payroll tax" is a blanket term used to address the combination of social security, Medicare, unemployment insurance, and state and federal income taxes withheld by an employer from an employee's wages...

FAQ: Must I retain original business expense receipts if I computer scan them?
No, taxpayers may destroy the original hardcopy of books and records and the original computerized records detailing the expenses of a business if they use an electronic storage system....

Like-kind exchanges: Don't overlook a valuable business and tax planning tool
If someone told you that you could exchange an apartment house for a store building without recognizing a taxable gain or loss, you might not believe him or her. You might already know about a very va...

How Do I? Compute the optional state and local sales tax deduction
End-year 2006 tax legislation extended the opportunity to take the optional federal sales tax deduction for tax years 2006 and 2007. The deduction remains the same as in past years, although the IRS s...

FAQ: What is tax risk management?
'Tax risk management" is a fairly recent term first used by large accounting firms to underscore to businesses the opportunities and pitfalls inherent within the particular tax positions taken by a bu...

FAQ: What are catch-up retirement savings?
In many cases, employees can elect to reduce their salary and contribute the amounts to a retirement plan. These plans include 401(k) cash or deferred arrangements, 403(b) tax-sheltered annuities, eli...

FAQ: When are business meal deductions restricted?
Only 50 percent of the cost of meals is generally deductible. A meal deduction is customarily allowed when the meal is business related and incurred in one of two instances:...

FAQ: When is the best time of year to contribute to an IRA?
A: If you have the money, contributing to your IRA immediately on January 1st or as soon thereafter as possible is the best strategy. The #1 advantage of an IRA is that interest or other investment in...

How do I? Deduct a contribution of clothing or a household item under the new rules?
Every year, Americans donate billions of dollars to charity. Many donations are in cash. Others take the form of clothing and household items. With all this money involved, it's inevitable that some a...

FAQ: Are employer-provided cash incentives to purchase hybrid vehicles taxable?
Yes. If you received a cash incentive from your employer to help you purchase a hybrid vehicle, the IRS treats it as taxable compensation....

Tax benefits give added incentives to telecommuting
If you're thinking about setting up employees as telecommuters, you're not alone. Businesses ranging from large multi-nationals to small shops know that telecommuting not only can improve worker mora...

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Michael R.E. Sanders, a professional limited liability company, focuses on the core legal services that businesses and individuals need to succeed:

• litigation (federal and state), arbitration, and mediation
• taxation
• business law
• estate planning
• antitrust & unfair trade practices (e.g., Robinson-Patman Act)
• employment

This website addresses my taxation practice areas:

• Tax Planning for Business Transactions
• Tax and Estate Planning for Personal Transactions
• Tax Controversy & Litigation

Moreover, this website is designed to be a helpful resource tool for you, my valued clients and visitors.

As you browse through my website, you will find that not only have I highlighted my background information and the services I provide, but have also included useful resources such as informative articles (in my Newsletter section) and interactive financial calculators (in my Financial Tools section). In addition, I have taken the time to gather many links to external Websites that I feel may be of interest to my clients and visitors (in our Internet Links section).

While browsing through my Website, please feel free to contact me with any questions or comments you may have - I look forward to hearing from you. I pride myself on being proactive and responsive to my clients' inquiries and suggestions.