Minimizing Tax on Social Security Benefits 

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,…

How Long Should You Keep Old Tax Records?

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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…

Tax Rules for Home Flippers

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…

Relocating? How to Do It with Taxes in Mind

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If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax…

Recordkeeping Tips to Keep the IRS Away 

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Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax…

Made a Mistake on Your Tax Return – What Happens Now?  

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Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Generally speaking, tax return mistakes are a lot more common than…

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…

Unpaid Debt Taking Your Tax Refund?

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Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? …

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 …

The Tax-Filing Deadline Is Around the Corner

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Article Highlights: Extensions  Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2017 Tax Year Missing Information As a reminder to those who have not yet filed their 2020…