While most of you have been enjoying fun October things like baseball playoffs, pumpkins, and baking (or eating) apple pies, we tax professionals have been busy working on all of those tax returns that didn’t quite make it for April 15 but surely wouldn’t wait until the very last minute- which is MONDAY the 15th. […]
So you forgot to file your income taxes. It happens… time gets away and then one year turns into two, turns into a bunch. The IRS doesn’t seem to notice for a while. Then one day you get a friendly reminder that you haven’t filed your taxes. You can bet that they’ve been noticing all […]
In a world of electronic communication, who doesn’t love getting a letter? As long as it’s from a friendly face and not signed, “your friend, the Internal Revenue Service.” But if you’re one of the lucky millions who receive a letter from the IRS each year, what should you do? Job one: OPEN THE LETTER. Anything […]
Labor Day is a bittersweet holiday, isn’t it? The end of the summer, squeezing in the last bits of fun and adventure, all the while looking forward to the return to normal structure September brings. I love the leisurely pace of summer but by the end of August I can’t wait to get back into […]
Have mercy! Does the IRS actually have mercy? Believe it or not, in some cases they do, and you shouldn’t even have to beg too hard to get it- at least if it’s your first time asking. IRS penalties are no joke. They can make credit card late charges and interest look tame. The two […]
It’s been six months now since the IRS gave out raises, have you been enjoying yours? Back in February the IRS adjusted the tax withholding tables to take out less federal income tax based on anticipated savings under the Tax Cuts and Jobs Act. That’s nice to give out the savings in advance, but the […]
“Make all you can, save all you can, give all you can.” ~John Wesley You can only spend a dollar once. Seems obvious, doesn’t it? But have you ever gotten a bonus or a cash gift and thought of all the things you could do with it and then realized that you spent it in […]
One not so frequently mentioned provision in the new tax law is the complete elimination of miscellaneous itemized deductions. Because the deduction was only helpful to the extent that they exceeded 2% of adjusted gross income, just a minority of taxpayers used it. But for those that did, especially those who qualified because of unreimbursed […]
Owning the right rental real estate can be a profitable endeavor, and often even with a property that’s making money, the tax bite can be minimal or even provide you with a deduction. Of course not all properties will be money makers, and while no one likes losing money on an investment, saving tax dollars […]
Data breaches have become so common lately that you may not even blink. However when it happens to the Internal Revenue Service and affects some 100,000 taxpayers, that’s bound to get your attention. This week the IRS announced that not only did hackers compromise the tax records of those 100,000; attempts on another 100,000 were […]
