Windfalls and the Taxman
A windfall is a sudden, unexpected good fortune. It usually is a sum of money and/or property, and it could be substantial. Taxwise, the windfall may be tax-free income, fully taxable, or something in between. More
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Expanded Homebuyer CreditFree
President Obama signed into law on November 6th the Worker, Homeownership, and Business Assistance Act of 2009. The act extends unemployment benefits by 20 weeks in states hardest hit by the down economy and by 14 weeks all other states. The law also liberalizes and makes other …More
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Tax Tips
Keep a copy of your return forever.Free
There is limit on the number of years the IRS can go back to review taxes for a year in which no return was filed. Keep a copy of the return, along with proof of filing—a certified receipt for a paper return or an electronic acknowledgment from the IRS for an e-filed return. …More
Ask JK Lasser
A: Yes, indeed it is, to an extent. Here is a simple breakdown. You can deduct your interest up to $2,500 per year. This is available to taxpayers with income under set amounts (different limits apply to single individuals and to joint filers). …More
Small Business Help
Report It All!
Don't neglect to report all your business income. Report any interest on business bank accounts, recoveries of previously deducted bad debts, and any loan forgiveness (unless you opt to reduce certain tax attributes that will impact your taxes down the road).
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