Before you head to the beach, use this tax-advantaged account to stock up on summer necessities.
Read more →Personal Income Tax
Taxes can be boring and complicated, but they’re also a part of life. Anyone who works has to pay them, and if you’re not careful, you could wind up with a major problem on your hands. Here, in fact, are three major tax mistakes that could really come back to bite you.
Read more →TOPICS IN THIS ISSUE: Optimizing Residential Real Estate Deductions Tax Court Approves IRS Denial of Installment Plan Request The Marriage Tax Penalty, Post-TCJA 3 Great New Tax Videos! IRS TAX TIP: Here’s What Taxpayers Should Know Before Visiting an IRS
Read more →The IRS has shown increasing willingness to work out installment agreements with individuals and business entities that could not meet their tax obligations. But that doesn’t mean you can shirk your current responsibilities. Accordingly, in a new case, Coastal Luxury Management,
Read more →The tax deduction rules for residential landlords have changed dramatically in recent years, with the release of the final tangible property regulations in 2013 (T.D. 9636) and the creation of the qualified business income (QBI) deduction under Sec. 199A by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. Landlords are now much more likely than before to be able to deduct most of their current expenditures.
Read more →TOPICS IN THIS ISSUE: Tax Levy: What It Is, How It Works and How to Stop One What Is A Tax Lien? IRS corrects error in Schedule D tax calculation worksheet 3 Great New Tax Videos! IRS TAX TIP: Taxpayer
Read more →Tax levies put your assets at risk. To remove them, you’ll need to work with the IRS to pay your back taxes.
Read more →A tax lien can be used by the IRS or other taxing authority in the event that you don’t pay some or all of the tax that you owe.
Read more →All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one:
Read more →You don’t want to play chicken with the Internal Revenue Service. Tax season is over, and the vast majority of taxpayers have filed their returns and paid any outstanding taxes they owed. But for a significant number of people, paying
Read more →Despite calls for its renewal, Congress hasn’t addressed the issue of the popular residential energy credit, which officially expired after 2017. This credit, which is generally equal to 10% of the cost of qualified energy-saving improvements made to a principal
Read more →Here’s a breakdown of how the US Government spends your tax dollars…it may not be the way you think.
Read more →The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $55,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.
Read more →No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return.
Read more →Chances are a big portion of your retirement savings are in pretax accounts like a 401(k) or IRA. If you need to tap those accounts for costly care, you must realize that every dollar is taxable. And you might be shocked at the tax rates that come with withdrawals large enough to foot the bill.
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