Article Highlights: SSA Name Change IRS Address Change Postal Service Address Change Tax Withholding Tax Filing Status Marrying A Non-resident Alien Joint and Several Liability Beware of Tax Scams Most weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021. Although tax issues are the […]
Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling Gotcha Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your […]
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you. After the year-plus you’ve just experienced, the last thing your small business needs is customers who are behind on their payments to you. You may have been giving them a break because you know that they’re struggling, […]
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years. That’s bad news […]
Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals […]
Article Highlights: Is It Appropriate to Refinance Your Home Loan? Refinance Costs Interest Rates Credit Score Borrowing Additional Cash Loan Term Itemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and […]
Article Highlights: Definition of Flipping Government Will Share in the Profits Tax Treatment Depends on Being a Dealer, Investor or Homeowner Distinguishing a Dealer from an Investor With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping […]
Article Highlights: Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The “All IRAs Are One” Rule Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings […]
Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019, with increasing numbers likely to join in the future. You can choose freelancing as your sole source of […]
Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death Family-Owned and -Operated Businesses 15-Year Fixed-Rate Payment Plan Excess Business Loss Limitation Carried Interest Enhanced Financial Account Reporting The U.S. Treasury has released […]