Filing as Married Separate? Better Read This.

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Article Highlights: Filing Requirements Changing Filing Status Social Security Benefits Traditional IRA Deductibility Roth IRA Contribution Restrictions Higher Education Interest Deduction Itemized Deductions Medicare…

4 of the Most Common IRS Tax Problems

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For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to…

Tax Ramifications of Disposing of a Vehicle

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Article Highlights: Trading in a Vehicle Selling a Vehicle Gifting a Vehicle Donating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some…
Tax Deductions Without Itemizing

June 2021 Individual Due Dates

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June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last…

Owe Taxes and Can’t Pay by the Due Date? 

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Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who…

Consequences of Filing Married Separately

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Article Highlights:  Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions …

Writing Off Your Business Start-Up Expenses

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off…
Understanding Tax-Filing Status

Understanding Tax-Filing Status

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Article Highlights: Single Married Filing Jointly Surviving Spouse Married to a Nonresident Alien Head of Household Married Filing Separate   Filing status is determined on the last day of the year and most often is…
Required Minimum IRA Distributions Will Resume in 2021

Required Minimum IRA Distributions Will Resume in 2021

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Article Highlights: CARES Act Moratorium RMD Resumptions Age Considerations Figuring out the RMD Amount Penalty for Not Taking an RMD No Maximum Limit IRA-to-Charity Transfers As part of the CARES Act, the requirement…
Tax Deductions Without Itemizing

Tax Deductions Without Itemizing

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Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces …