What Taxpayers Should Know If They Get a Notice from the IRS
Info courtesy of irs.gov Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP2000. It gives detailed information about issues the IRS identified. [...]
Educators Can Claim Deduction to Get Money Back for Classroom Expenses
Information courtesy of irs.gov Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers [...]
How the Current Tax Law Affects Charitable Giving from IRAs
For charitable donors, the Tax Cuts and Jobs Act (TCJA) provided some tax breaks and took away others. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under [...]
If Your Kids Are Off to Day camp, You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible [...]
How a Budget Can Contribute to Your Success
One reason many people disdain the budgeting process is that they associate budgets with restraint — that is, not spending money for something because it's not in the budget. However, [...]
How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary [...]
2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
How Can Small Business Owners Reduce Social Security and Medicare Taxes?
If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare [...]
Donating Your Vehicle to Charity May Not Be A Tax-wise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not [...]
Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding [...]
Pay Special Attention to Final Medical Expenses When Winding Up An Estate of Loved One
If large uninsured medical expenses were accrued, but not paid, before death, the executor must make a potentially important choice about how they're treated for federal tax purposes. The executor [...]
Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local [...]
IRS Announces Changes for Personal Use of Employer-Provided Vehicles
The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn't [...]
Beware: M&A Activity Can Trigger Unexpected Tax Issues
The IRS has an Employee Plans Team Audit (EPTA) program to enforce the tax rules for employee benefit programs in large companies. According to the tax agency, one of the [...]
Hire Your Children This Summer: Everyone Wins
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save [...]