January 17, 2024 8:50 pm

By Jaclyn Barkow, DBA, EA Now that the New Year 2024 is upon us, tax season is fast approaching! For your personal taxes, there are a few security measures you should be aware of, regardless of your ...

January 17, 2024 8:47 pm

An Individual Retirement Account (IRA) rollover refers to the process of moving funds from one retirement account to another without incurring taxes or penalties. This transfer can occur between diffe...

January 17, 2024 8:45 pm

On November 21, 2023, the IRS announced a delay in the 1099-K forms reporting threshold for third-party platform payments in 2023 in Notice 2023-74. The IRS has been following feedback from taxpayers,...

January 17, 2024 8:43 pm

Did you know decisions made 2 years ago can affect what you pay for Medicare Part B and D premiums for the current year? That’s right; premiums for 2024 are determined by your 2022 tax filing. ...

October 5, 2023 10:13 pm

Taylor Swift concerts are a billion dollar industry and the IRS wants to capture some of the Blank Space. Originally part of the American Rescue Plan of 2021, the threshold for issuing a 1099-K for tr...

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January 17, 2024 8:50 pm

By Jaclyn Barkow, DBA, EA Now that the New Year 2024 is upon us, tax season is fast approaching! For your personal taxes, there are a few security measures you should be aware of, regardless of your ...

January 17, 2024 8:47 pm

An Individual Retirement Account (IRA) rollover refers to the process of moving funds from one retirement account to another without incurring taxes or penalties. This transfer can occur between diffe...

January 17, 2024 8:45 pm

On November 21, 2023, the IRS announced a delay in the 1099-K forms reporting threshold for third-party platform payments in 2023 in Notice 2023-74. The IRS has been following feedback from taxpayers,...

January 17, 2024 8:43 pm

Did you know decisions made 2 years ago can affect what you pay for Medicare Part B and D premiums for the current year? That’s right; premiums for 2024 are determined by your 2022 tax filing. ...

October 5, 2023 10:13 pm

Taylor Swift concerts are a billion dollar industry and the IRS wants to capture some of the Blank Space. Originally part of the American Rescue Plan of 2021, the threshold for issuing a 1099-K for tr...

More Stories
October 5, 2023 10:11 pm

It's hurricane season! Did you know many taxpayers affected by disaster situations qualify for tax relief? When the President declares a federal disaster, the IRS issues a disaster announcement. The a...

October 5, 2023 10:03 pm

As the cost of education continues to rise, parents and students look for ways to decrease the financial burden placed on them today. One way to offset these costs is to find and apply for scholarship...

October 5, 2023 10:00 pm

If you are considering updates to your U.S. based home, you may consider taking advantage of the Residential Clean Energy credit which is 30% of the costs from now through 2033. Eligible property incl...

October 5, 2023 9:53 pm

“Kiddie Tax” is the tax paid on a “child’s” investment income in excess of $2,500, at the marginal tax rate of their parents, for the 2023 tax year.  The “Kiddie Tax” was introduced as ...

April 19, 2023 4:41 am

If you’re a homeowner, it’s likely you continually work on your home. Some projects may be minor and low cost, while others are major and expensive. All these projects improve your living conditio...

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April 19, 2023 4:44 am

Social Security benefits may be tax free or includible in gross income at 50% or 85%. This depends on a couple’s income, Social Security benefits, and tax-exempt interest. The fact that the benefits...

April 19, 2023 4:43 am

Passive activity losses generally are limited to the extent of passive activity income for the year. Losses in excess of this income are suspended and used in future years when there is passive income...

April 19, 2023 4:43 am

Margin interest may be deductible as investment interest. It is treated as an itemized deduction, subject to a net investment income limitation. Margin interest does not offset capital gains....

April 19, 2023 4:42 am

U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: ...

March 17, 2023 2:47 am

For purposes of education tax credits, transportation costs are not treated as qualified educational expenses. When it comes to work-related education that maintains or improves work skills but doesn�...

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May 22, 2012 1:24 pm
IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12
April 23, 2012 10:21 am
Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12
April 18, 2012 10:17 am
What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12
April 17, 2012 10:48 am
Celebrities are often in debt to the tax man, From USA Today, 4/17/12
April 11, 2012 11:03 am
Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12
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“Few of us ever test our powers of deduction, except when filling out an income tax form.” — —Laurence J. Peter, author

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