The other day I was standing in line at the grocery store in the 15 items or less line and it was moving very slowly. I assumed it was just my impatience (as I am from New York, and we New Yorkers have “that” reputation) until the lady in front of me said “geeeeez, he’s… Read More


For years, tax prepares have reported payments that meet the requirements (under 71(b)(2)) as deductible alimony by the payer, along with the recipient’s Social Security number, to ensure the recipient reports the matching amount as income. The taxpayers must have a written divorce or separation agreement, and the agreement must meet several tests to be… Read More


Many plaintiffs will face higher taxes on lawsuit settlements under the recently passed tax reform law. Some will be taxed on their gross recoveries, with no deduction for attorney fees even if their lawyer takes 40% off the top. In a $100,000 case, that means paying tax on $100,000, even if $40,000 goes to the… Read More


Monday’s is generally the most stressful day at a tax & accounting firm. Bourke’s founder, Tim, always says all kinds of shit happens on Mondays… I always laughed at that but then noticed that there were more phone calls, more mail and the computers were always “Monday slow.” But what I always do, “when all… Read More


  2018 marks the first year of filing tax returns using 500 plus pages of tax code changes passed into law in late 2017. To help you plan for the new rules, here are the four biggest changes and their potential impact on your return. Tax rates are lower. While five of the seven tax… Read More


I have bragged about the size of my wallet for years. While many of my friends have back problems because of  what I call “butt pain” from these several inch thick wallets they carry in their back pockets I literally have the thinnest wallet I have ever seen (thus no pain). I carry my driver’s license, health insurance… Read More


In case you missed it, the Internal Revenue Service published the new 2018 W-4 form in March. As you know, accurate withholding is meant to get individuals close to their true tax liability at the end of the year. However, the new tax code, passed into law in December, made significant changes to calculations for… Read More


As Bourke Accounting continues to grow and expand we often need to update our equipment. Our current dilemma is the need for a combo copy machine/fax/scanner etc. So do we buy or lease? I think leasing may be the best option considering the price of the machines today… When I talk to people about leasing… Read More


Your Social Security benefits are calculated based on how much you earned during your top 35 working years, but at the age at which you first file for those benefits can impact the amount of money you receive each month. If you wait until your full retirement age (FRA) to take benefits, you’ll get the… Read More


The Internal Revenue Service has advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals (yep, that is us), the IRS said despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity… Read More