Category Archives for TAX BANKRUPTCY

Can Bankruptcy Solve Tax Problems?

  • July 30, 2020

Bankruptcy may be a popular remedy for towering balances on credit cards, getting houses out of foreclosure, and eliminating enormous medical bills. But bankruptcy can be used for more than that; it can

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Offering 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

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Can You Call it a Business or is it Just an Expensive Hobby?

  • April 17, 2018

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

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A Few Strategies To Reduce (Or Eliminate) the Taxes You’ll Owe on Your Social Security Benefits

  • April 17, 2018

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

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Tax Bills You’re Likely to Face on Your Sources of Retirement Income

  • April 16, 2018

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

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How long should you keep your tax records?

  • April 4, 2018

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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New Due Date for Filing FBARs

  • April 4, 2018

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

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Some Often-Overlooked Tax Deductions

  • April 4, 2018

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

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5 Tax Breaks for College Costs

  • April 4, 2018

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

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Some Tax Breaks for Retirees

  • April 4, 2018

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

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