Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings.
Author: Chris Peden, Supporting Partner
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A federal tax credit for the purchase and installation costs of a residential solar system is fading away. After being 30% of the cost for several years through 2019, the credit amount drops to 26% in 2020 and then 22% in 2021, the final year of the credit.
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets.
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With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business.
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Medicaid waiver payments are a type of payment from a state to an individual to take care of another individual who would otherwise be institutionalized, saving the government the cost of the more expensive institutional care.
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As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts.
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Some refer to it as “creative accounting” or just “a little fudging here and there,” but if your tax return is missing some income that should have been reported or includes overstated deductions, regardless of whether you prepared your own return or had it prepared, you are the one who is ultimately responsible.
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The Treasury Department and the IRS released updated state-by-state figures for Economic Impact Payments (EIPs) on May 22, reflecting the opening weeks of the program.
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When you start planning for retirement, the hope is that you will set aside money and it will grow until you leave the working world to spend your time on things other than working at a job.
However, life happens. There are going to be times when you will need money to pay for things that pop up. It is at times like these that you will want to pull money out of your IRA.
Strike up up a conversation today with Peden Accounting Services by going to their website, or by calling 703-967-1948. They’re your local tax and accounting firm.
When you start a business, you end up dealing with a lot more paperwork.