If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes…
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There are many reasons to convert a home into a rental, such as to ensure that a prior home produces income and appreciation after the owner buys a new home; to maximize the tax benefits for an elderly person who can no longer live alone by…
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The late-2017 tax-reform package changed the rules for personal casualty losses, which now are only deductible if they occur in a federally declared disaster area. As a result, if a home is destroyed in a forest fire or other disaster within…
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September 1 - 2019 Fall and 2020
September 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later…
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Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding…
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Congratulations! You've worked hard on your degree and are ready to move forward with your first job and other major life decisions. While your degree and this first job don't necessarily set your life in stone, now is a crucial time to start…
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Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason,…
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If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business.
Gains and losses for securities, including stock,…
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U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at…
The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational”…
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Who Claims the Children You or Your Ex-Spouse?
DivorceTax Issues That Arise When Converting a Home into a Rental
Home OwnershipDisaster-Related Tax Losses May Be Less Than Expected
2018 Tax Laws, DeductionsSeptember 2019 Individual Due Dates
Due DatesWhat Are the Tax Advantages of Homeownership?
Home Ownership, TaxesPersonal Finance Tips for Recent College Graduates
College, Personal FinanceWatch Out for Those Fake IRS Letters
ScamsHow to Write Off Worthless Stock
Deductions, TaxesForeign Account Reporting Requirements (FBAR)
Foreign Taxes, TaxesThe IRS Is Cracking Down on Cryptocurrency Tax Transactions
2018 Tax Laws, Taxes