When Can You Dump Old Tax Records?
Tax Planning, TaxesArticle Highlights:
General statute is 3 years
Some states are longer
Fraud, failure to file and other issues can extend the statute
Keeping the actual return
Taxpayers often question how long records must be kept and the…
Are You Caring for a Disabled Family Member? Read This.
Financial Planning, TaxesArticle Highlights:
Caring for Disabled Family Members
Qualified Medicaid Waiver Payments
Exclusion Qualifications
Mandatory Exclusion
Earned Income
Earned Income Tax Credit
Tax Court Ruling
Many taxpayers prefer…
Be on the Outlook for Tax Reporting Forms
2022 Taxes, Tax Planning, TaxesArticle Highlights:
Form W-2
Form W-2G
Form 1099-G
Form 1099-MISC
Form 1099-DIV
Form 1099-INT
Form 1099-B
Form 1099-S
Form SSA-1099
Form RRB-1099
Form 1099-R
Form 1098-T
Form 1095-A
Form 1099-NEC
…
Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next
2023 Taxes, Tax Refund, Tax Tips, TaxesYou'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year.
Of course, there is a myriad of different reasons…
Many Taxpayers Will See Smaller Refunds This Year
2022 Taxes, Tax News, Tax Refund, Tax Tips, TaxesArticle Highlights:
Child Tax Credit
Dependent Care Benefits
Recovery Rebates
Employee Retention Credit
Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate…
Consequences of Filing Married Filing Separate
Tax Planning, Tax Tips, TaxesArticle Highlights
Reasons to File Separate
Filing Threshold
Community Property State Income
Joint & Several Liability
Social Security Benefits Taxation Threshold
Capital Loss Limitation
Sec 179 Limitation
Rental…
Common Family Tax Mistakes
Tax Planning, Tax Tips, TaxesArticle Highlights
Family Member Transactions
Renting to a Relative
Below-Market Loans
Transferring Home Titles
Gifts
Basis
Life Estate
Incorrect Withholding
Child Files Incorrect Return
When it comes to transactions…
The IRS Achieves a 90% Conviction Rate, or: "Why You Shouldn't Cheat on Your Taxes"
Tax News, Tax Tips, TaxesThere's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion.
The Internal Revenue…
Tax Benefits for Members of the Military
TaxesArticle Highlights:
Service Member Residence or Domicile
Service Member Spouse’s Residence or Domicile
Non-Taxable Allowances
Combat Zone Exclusion
Home Mortgage Interest Deduction
Home Property Tax Deduction
Home…
Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t
Tax Planning, TaxesArticle Highlights:
Tax Filing Thresholds
Withholding
2021 Recovery Rebate Credit
Earned Income Tax Credit (EITC)
Child Tax Credit or Credit for Other Dependents
Education Credits
Some people may choose not to file a…