Barry Dolowich
Monterey Herald
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Past articles by Barry:
Barry Dolowich, Tax Tips: The rules for passive losses
Passive losses are only deductible to the extent you have passive income. In other words, you can offset your passive income with passive losses. → Read More
Barry Dolowich, Tax Tips: Reconciling your checkbook
Reconciling your checkbook balance to the bank statement may seem mysterious and difficult for those taking on this responsibility for the first time. Balancing your checkbook is simply reconciling… → Read More
Barry Dolowich, Tax Tips: Record retention guidelines
Certified public accountant Barry Dolowich lists recommended record retention periods for readers. → Read More
Barry Dolowich, Tax Tips: Bankruptcy and taxes
Debts are divided into two categories: dischargeable and nondischargeable. Dischargeable debts are those that the debtor is no longer personally liable to pay after the bankruptcy proceedings are c… → Read More
Barry Dolowich, Tax Tips: How taxes on gifts work
Gifts are, in fact, a classic and very effective strategy for lowering your tax burden. The annual gift tax exclusion for 2022 allows you to give $16,000 per year (up from $15,000 in 2021) to each … → Read More
Barry Dolowich, Tax Tips: Bad debt deduction
A nonbusiness bad debt is deducted as a short-term capital loss on Schedule D of your Form 1040. This is a limited deduction. You can deduct the loss from any capital gains, if any, plus up to an a… → Read More
Barry Dolowich, Tax Tips: I just received an audit notice
If the issues are clearly “black and white,” it may be perfectly fine for you to represent yourself at the audit. For example, if the IRS is questioning your charitable contributions and you have a… → Read More
Barry Dolowich, Tax Tips: Social Security benefits
Tax planning is important to both minimize potential underestimation penalties and to avoid overpaying your taxes (tantamount to providing the IRS with an interest-free loan). → Read More
Barry Dolowich, Tax Tips: A holiday gift for your loved one
Create a step-by-step instruction document for your spouse in the event of your death or incapacity. Pretend you are looking down from above, instructing and educating your spouse as to all your fi… → Read More
Barry Dolowich, Tax Tips: Purchase or lease a car?
The choice between purchasing and leasing a car involves personal, economic and business considerations. → Read More
Barry Dolowich, Tax Tips: Employee vs. independent contractor
Properly classifying a worker as an independent (outside) contractor may save your business money by avoiding payroll taxes, overtime pay, and employee benefits, such as pension plan contributions,… → Read More
Barry Dolowich, Tax Tips: Record retention guidelines
Should you discard any old records, I strongly recommend that you shred or burn any potentially sensitive financial and personal information. With financial identity theft on the rise, this is a go… → Read More
Barry Dolowich, Tax Tips: Required minimum distribution of IRA account
For 2021, distributions are required to begin no later than April 1 of the calendar year following the calendar year in which you attain the age of 72. → Read More
Barry Dolowich, Tax Tips: Negotiating the purchase of a business
Effective negotiation is an art that can be learned. Understanding the basic principles of successful negotiation can help you to make the best deal possible and steer away from possible costly lit… → Read More
Barry Dolowich, Tax Tips: Cancellation of debt income
If you borrow money (note: credit card debt is borrowed money) from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount as income for … → Read More
Barry Dolowich, Tax Tips: Effective vs. marginal tax rates
It almost ALWAYS makes sense economically to make more money. Only if the tax rates were above 100% would it not make sense to earn more money. → Read More
Barry Dolowich, Tax Tips: Passive loss rules
Generally, rental real estate is considered a passive activity. Passive losses are only deductible to the extent you have passive income. In other words, you can offset your passive income with pas… → Read More
Barry Dolowich, Tax Tips: Bankruptcy and taxes
As a general rule, there is no discharge for you as an individual debtor at the termination of a bankruptcy case for most taxes, or for taxes for which no return, a late return filed within two yea… → Read More
Barry Dolowich, Tax Tips: Information supplied to the IRS
Q. I worked a few low-paying jobs last year. Do I have to file a tax return? I have friends that have not bothered to file tax returns. How does the government really know if I am required to file … → Read More
Barry Dolowich, Tax Tips: Form W-4 trap for employers
Q. I own a restaurant and employ about 25 people at a time. I am often asked by new hires for help completing their Form W-4. I have been advised by my human resources consultant that I should neve… → Read More