Prior to 2018, homeowners could exclude from gross income the cancellation of a mortgage on their principal residence up to $2 million. This exclusion was limited to a loan to buy, build, or substantially improve a main home. It did not apply to the i…
Because the Internal Revenue Service (IRS) doesn’t automatically send out periodic account statements, it’s easy to wonder about the status of your account. True, you’ll get letters from the IRS if you have overdue amounts from a past year, or if the I…
If you receive a letter this year from the IRS, don’t be alarmed. After every tax season, the agency sends out a variety of notices to taxpayers. Not every letter means there’s an impending audit coming your way.
Many of the notices…
A woman with a dependent child purchased health coverage from the Health Insurance Marketplace (Exchange), which determined she was eligible for an advance premium tax credit for 2015 of $371 per month ($4,452 for the year), which was applied against …
If you’ve already filed your 2018 federal income tax return and used the worksheet in the instructions to Schedule D to figure the 25% tax rate on unrecaptured depreciation and the 28% tax rate applicable to gain on the sale of collectibles, your taxe…
The IRS has one mission: “to provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.” But in furthering this goal, the IRS must impl…
If you buy or lease a car, light truck, or van for your business, special tax rules may limit what you can write off. If you buy the vehicle, dollar limits cap depreciation write-offs. If you lease the vehicle, deductible lease payments must be reduce…
For the majority of tax filers, tax season is over. April 15 marked the last day to submit your return – unless you filed an extension. So, how’d the season go? Below is an industry-wide recap plus a little tax filing myth-busting insight.
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It’s important to stay on top of the tax deadlines to avoid possible penalties and interest charges for late filing and payment of taxes. Getting behind on tax filing obligations can be stressful, too. It’s better to file early or on time, so you can s…
If you ask people whether they think the Tax Cuts and Jobs Act of 2017 helped them or cost them more money, you may hear different answers.
If they recently filed their taxes, the foremost thing in their minds may be whether they got a tax refund or no…
