Category Archives for AVOIDING TAX PROBLEMS
Celebrity Attorney Adds Tax Evasion to His Web of Crime
IRS Terror Tale: Celebrity Attorney Michael Avenatti Faces a LOT of Prison Time for Tax CrimesMichael Avenatti has been a high-profile attorney for decades but only recently stepped into the public eye
Read MoreTracking Down IRA Basis: A Gold Mine for Beneficiaries
No one likes to pay taxes unnecessarily, but that's what a lot of people who inherit IRAs wind up doing. Failing to track down the IRA basis associated with an inheritance can be a costly mistake.IRA basis
Read MoreStandard Tax Deduction: How Much It Is and When to Take It
The standard deduction reduces your taxable income. For 2018 taxes, the standard deduction is $12,000 for single filers and married filers filing separately, $24,000 for married filers filing jointly and
Read MoreTreasury Cuts Penalties for Taxpayers Who Got Confused about Withholding
The U.S. Treasury Department is again reducing penalties for taxpayers who didn’t pay enough of their tax bill throughout the year.Taxpayers who paid at least 80 percent of their estimated tax liability
Read More10 Things You May Not Know Are Taxable
If you work for a living, you know that your wages are taxable, and you’re probably aware that some investment income is taxed, too. But the IRS doesn’t stop there.If you’ve picked up some extra
Read MoreIs the IRS picking on you?
You are not alone. Running the government is expensive and the number one means for paying its bills and expenses is you - the taxpayer! The government is an equal opportunity debt collector. It doesn’t
Read MoreNice-Try Tax Breaks Rejected by the IRS
Over the years, taxpayers have concocted a lot of zany arguments to justify their tax breaks. Here are some of the most creative ones that the courts decided did not quite work. Take note: many of these
Read More5 Tax Strategies for Small-Business Owners
Many small-business owners don’t take full advantage of the opportunities available to them to reduce what they pay in taxes. Below are a few often-overlooked tips to consider. Small-business owners
Read MoreDeducting Mortgage Interest in 2018
The deduction is still there, but you might not be able to use it anymore. One of the most popular and lucrative tax breaks has been the deduction for mortgage interest, and while tax reform didn’t
Read MoreSome Key 2018 Tax Law Changes (for Business & Employers)
The Tax Cuts and Jobs Act represents the most significant overhaul to the U.S. tax code in more than three decades, so millions of Americans are wondering which tax breaks they’ll still be able
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