Category Archives for GENERAL IRS TAX INFORMATION
Convicted 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
Read MoreNew Due Date for Filing FBARs
If you have financial interests in, or signature authority over a foreign financial account (bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain
Read MoreSome Often-Overlooked Tax Deductions
Tax deductions reduce the amount of your taxable income. Before filing your return, check to see whether the standard deductions or itemizing your deductions is most beneficial to your situation. Millions
Read More5 Tax Breaks for College Costs
Besides scholarships (tax-free up to the cost of tuition and course-related expenses, such as books and supplies), there are several tax breaks designed to ease the effects of college costs, whether you’re
Read MoreSome Tax Breaks for Retirees
Here’s a few suggestions retirees will want to take advantage of: Deduct Medicare Premiums If you become self-employed after leaving youir job, as a consultant, for example, you can deduct the premiums
Read MoreOne More Marriage Penalty for Taxpayers
Here’s a new reason to just cohabit – if you and your loved one have a huge mortgage. If you or your clients happen to be blessed as a high-income couple, it’s likely your taxes will go up.
Read MoreSome great uses for a tax refund
(Assuming they’re fortunate enough to have one) If there’s a refund check coming, it’s a great opportunity to bolster their personal balance sheet. The typical refund is usually around
Read MoreChanges are coming in the way small businesses enroll in Obamacare.
Changes are coming in the way small businesses enroll in Obamacare. Be aware, under a rule going to be proposed by the Centers for Medicare & Medicaid Services, small firms would no longer use the
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