Identity theft of an individual’s personal information can enable a thief to erroneously obtain a taxpayer’s refund and cause delays in the processing of a legitimate tax return. Several years ago, the IRS started a pilot program permitting taxpayers …
The Tax Cuts and Jobs Act set bonus depreciation for passenger automobiles at 100% (previously it was 50%), which translates into an additional $8,000 write-off for the year they are purchased and placed in service. As a general rule, if 100% bonus de…
Some parents break out in hives at the thought of leaving their new child in someone else’s care. Others are excited to interview child-care professionals and get back to the office. Wherever you fall on the spectrum, finding good child care can …
The IRS recently announced tax penalty relief for taxpayers who didn’t pay enough of their 2018 federal income tax liability last year due to the changes in tax reform.
Penalty Relief Explained
Federal income tax wo…
We all know how important it is to save for retirement. If you’ve started contributing to a retirement plan, at work or on your own, the next thing you’ll want to know is how to deal with it on your tax return.
Fortunately, entering retirem…
Side hustles are a smart way to bring in extra money and protect your financial life with multiple income streams. But it can take time and even cost money to build up a consistent side hustle. For instance, you may need to buy a domain name for a webs…
Want to spruce up your home? You’re not alone. More than one-third of Americans are planning to remodel their homes within the next five years. If you’re like most Americans, your house is one of your biggest expenses, and it’s import…
IRS Starts Accepting Returns on Jan. 28
Despite the partial government shutdown, the IRS announced they will start processing tax returns on Jan. 28, 2019. Refunds will also be issued on their normal schedule. Taxpayers …
Unless a taxpayer can demonstrate a profit motive, an activity is treated as a hobby. This means all income must be reported, but for 2018 through 2025, no deductions can be taken. The bar to deductions makes the profit motive determination essential …
Life’s ups and downs can disrupt things for taxpayers, but the Tax Court has made it clear that it’s no excuse for not filing tax returns. Take the following case where a taxpayer who worked in the financial services business was sailing along, earnin…
