Resources & Links

For your convenience, DMJ provides an up-to-date library of insights, tools, resources, and special announcements related to all your tax and accounting needs. 

Resources & Links

Stay up to date with DMJ news, special announcements and upcoming deadlines.

Tax Watch

Donor-Advised Funds

Donor-advised funds, though they may bear the donor’s name, are not separate entities, but are mere bookkeeping entries. They are components of a qualified charitable organization. A contribution to a charity’s donor-advised fund may be deductible in the year it is made if it isn’t considered earmarked for a particular distributee…

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Business Website Costs

The business use of websites is widespread, but IRS has not yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that apply to the deductibility of business costs, in general, and formal IRS guidance that applies to...

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Airbnb Taxation

The Airbnb site has become widely popular in ten short years, largely changing the landscape and economics for travel accommodations worldwide. According to Airbnb’s “Fast Facts,” there are nearly 5 million listings worldwide over 81,000 cities in over 190 countries resulting in over 300 million Guest arrivals! With this gain in popularity, more and more homeowners are looking to get in on the action. Along with this financial opportunity comes the challenge of how to navigate the taxation aspects of Airbnb hosting.

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Long-Term Care and Medical Expenses

Deductibility of long-term medical care services. The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 10% of adjusted gross income (AGI). For 2018, the threshold is temporarily reduced to 7.5% under the 2017 Tax Cuts and Jobs Act.

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Renting a Home to a Relative

Renting out a home or apartment that you own may result in a tax loss for you, even if the rental income is more than your operating costs. This is because you will be entitled to a depreciation deduction for your cost of the house or apartment (except for the portion allocated to the land). If your tenant is related to you, however, special rules and limitations may apply. (For these purposes “related” means spouse, child or grandchild, parent or grandparent, and siblings.)

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Tax Breaks to Those Who Do Volunteer Work for Charity

f you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks. Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing the services (subject to the deduction limit that generally applies to charitable contributions). This includes items such as…

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When Individuals Require Appraisals for Their Charitable Contributions

If you donate property to a charity, you may be required to get an appraisal. IRS requires donors and donee organizations to supply certain information to prove a taxpayer’s right to deduct charitable contributions. If you donate an item (or a group of similar items) of property worth more than $5,000, certain appraisal requirements apply. You must get a “qualified appraisal,” attach an “appraisal summary” to the first tax return on which the deduction is claimed, include other information with the return, and maintain certain records.

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Substantiating Charitable Contributions By Individuals

We wanted to provide you the requirement to substantiate all of your charitable contributions. If the contribution is $250 or more, you'll need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. General...

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What to Do If You Can’t Pay Your Tax at Extension Time?

Don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. Include as large a partial payment as you can, and consider borrowing the funds for payment. As discussed below, just filing without full payment can save you substantial amounts in filing penalties. More importantly, procedures exist for payment extension and installment payment arrangements which will keep IRS from instituting its collection process (liens, property seizures, etc.).

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