In 2016, the U.S. Treasury created the Hardest Hit Fund (HHF) program to provide certain homeowners with assistance designed to help them keep their homes. States set up and administer the program, which includes help with mortgage payment assistance …
Back-to-school shopping can put a serious dent in your bank account. In fact, parents plan to spend close to $700 on supplies this year according to a survey conducted by the National Retail Federation.
Before you run to the store to start shoppi…
Back-to-school shopping can put a serious dent in your bank account. In fact, parents plan to spend close to $700 on supplies this year according to a survey conducted by the National Retail Federation.
Before you run to the store to start shoppi…
Tax reform impacts the tax outcome for many Americans – including families. Fortunately, however, many of the changes can potentially boost the tax savings for busy moms and dads.
Learn how the new laws could impact your tax situation if you&rsqu…
If you have to travel as part of being self-employed, you know traveling costs can add up fast. Fortunately, there are a few tax breaks available to offset those expenses.
Follow this quick guide to learn how to lower your ta…
One thing we know about the most significant tax changes in decades: it will affect your tax return. While other tax code changes throughout the years may have tweaked obscure credits and rules, the tax reform signed into law in December 2017 made chan…
National Taxpayer Advocate Nina Olson’s mid-year report lays out the issues that she plans to address during the fiscal year ending September 30, 2019 (https://taxpayeradvocate.irs.gov/reports/fy-2019-objectives-report-to-congress/full-report). She al…
If you have a plan loan outstanding and take a distribution that’s partially used to pay off the loan, are you taxed on the gross amount or the net amount (gross amount minus loan repayment)? That was the question put to the Tax Court by an individual…
If a taxpayer files a fraudulent tax return, both civil and criminal penalties can result. The civil penalty is 75% of the underpayment attributable to the fraud (Code Sec. 6663). But if a fraud results from omitting income and a taxpayer files an ame…
To claim a home office deduction, space must be used regularly and exclusively for business. There are two exceptions to exclusive use: day care businesses and storage of inventory or product samples for someone in the retail or wholesale business. Ho…
