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
Solar tax credit sunsetting soon
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
Tax consequences of losing your job
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances.
October’s extended tax due date is approaching fast
Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020.
Are you paying too much interest on your home mortgage?
Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take advantage of these lower rates. Doing so may substantially reduce your monthly mortgage payments.
Watch out for tax penalties in 2020
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.
Big tax breaks for hiring your children in the family business
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business.
If you are receiving Medicaid waiver payments, you should read this
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.
Unique IRA Opportunities for 2020
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts.
Here’s what could happen if you try to short-change the IRS
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. If
State-By-State Economic Impact payments: Where is Virginia?
The Treasury Department and the IRS released updated state-by-state figures for Economic Impact Payments (EIPs) on May 22nd, reflecting the opening weeks of the program.
1099-R explained: What you should know if you’re pulling cash from a retirement fund to pay for unexpected expenses
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.
Have a new baby? Heres how to prepare for tax time
Today, what we’re going to talk about is preparing for your new baby.
How to hire your children to work in your business, build their resume, portfolios
Today we’re going to talk about hiring your children. This is something that business owners can take advantage of, and, “hiring” is not such a dirty word when it comes to your children, correct?
1099 WHAT? Different 1099s forms small business owners receive, explained
When you start a business, you end up dealing with a lot more paperwork.
How to prepare and talk to your CPA at tax time
It’s tax season and that means you’re running around the home office looking for documents, receipts, and other pieces of paper that may have fallen behind your desk over the past year.
Tax benefits for people with disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.
5 things you need to make preparing your tax return easier
Now that we have a new year, it is time to start thinking about what you need to do getting ready for this so it doesn’t turn into a stress-filled experience.
Your guide to end-of-year charitable giving
At the end of the year, our thoughts turn to buy gifts for our family and friends.
Get an IRS notice? Here’s what to do next
One of the things that makes people nervous is when they get a tax deficiency notice in the mail.
Hire your children. Save on your taxes. Here’s how.
If you hire your children to perform bona fide work for your business, and you pay them reasonable compensation for that work, you can take a deduction for the amount you pay them.
