Category Archives for GENERAL IRS TAX INFORMATION
Deducting 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
Read MoreOffering Trust Fund Recovery Service can Enhance Your Practice
Trust Fund Recovery Penalty (or TFRP) resolution is a very important part of any tax problem resolution practice, and it can mean a lot of extra income for any CPA practice offering this service – there’s
Read MoreWhat Should You Do with Your Tax Refund?
So you already filed your 2017 taxes and you’re getting a refund. Congratulations! The average, according to the IRS, is more than $3,000, which is a mini-windfall of sorts. Maybe you’ve been eyeing
Read MoreAbout IRS Tax Audits and How to Avoid Them
Most people cringe when they hear the word audit – and it’s a deserved reaction. Going through the process and ultimately resolving an audit is definitely not fun and could be costly, so it’s
Read MoreCan You Call it a Business or is it Just an Expensive Hobby?
It can be very difficult to determine and qualify the difference between the two. Here’s an example of how to be sure to (eventually) get on the IRS’ radar regarding this matter: Deduct hefty
Read MoreA Few Strategies To Reduce (Or Eliminate) the Taxes You’ll Owe on Your Social Security Benefits
Over the years, I’ve been asked how taxes on Social Security benefits are calculated, and if there are any strategies that would help them avoid paying taxes on their benefits? Whether your Social
Read MoreConvicted Of Tax Evasion, Poker Chip CEO Was Facing 10 Years, Got Only 10 Months
The CEO of a Maine poker chip manufacturer was found guilty of tax evasion for paying employees under the table and evading payroll taxes. John M. Kendall was convicted on three felony counts of theft
Read MoreTax Bills You’re Likely to Face on Your Sources of Retirement Income
When you’re planning for retirement, it’s fun to contemplate all the cruises, rounds of golf, and restaurant visits you have ahead of you. After all, you’ve earned it! Unfortunately, many retirees
Read MoreHow long should you keep your tax records?
As we move through tax season, some of my clients have been asking how long they should keep their tax records in case they get audited – and are some records more important to keep than others. Since
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