Welcome

I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

Find Out More

My Tax Blog

July 20, 2021 | 2020
Hidden Treasure: Will Amending 2020 Taxes Provide Additional $$?

pile of gold and silver coins on a black table

YES and NO. The American Rescue Act was passed March 11, 2021. It made an additional refunds available to some Taxpayers. There’s no additional refund (“Hidden Treasure”) available for Taxpayers who filed their 2020 tax return before March 31, 2021 claiming only wages and federal unemployment income. The IRS automatically processes an additional refund for … Hidden Treasure: Will Amending 2020 Taxes Provide Additional $$?

June 4, 2021 | 2020
Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

Refunds are taking longer this year. Refunds are delayed if the 2020 tax year return: Claims Child Tax Credit. . For children under the age of 17 or a reduced amount for College Students or disabled children. . Refunds are subject to extra scrutiny because of fraud. Earned Income Credit . . . for … Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

October 7, 2020 | 0
How to Handle a Tax Notice (“Bill”)

woman setting at computer desk holding her head

It’s Tax Notice season, IRS, State and Local Tax Districts are issuing those wonderful “love letters” for tax due . . . questions: 1.Is the Notice legitimate? 2.Is it Correct? 3.How to respond? Legitimacy: If the Tax Notice (“Bill”) has spelling or grammar errors, asks for payment in bit coin or cash cards or threatens … How to Handle a Tax Notice (“Bill”)

October 7, 2020 | 0
Medical Expense Tax Deduction When Don’t Have Enough to Itemize

In certain circumstances, medical expenses can be deducted on the tax return without itemizing. To see if that option is a good fit for you, some questions: Do you have medical insurance coverage through work or through a family medical insurance plan? Is the medical insurance plan deductible (out of pocket) more than $1,400 for … Medical Expense Tax Deduction When Don’t Have Enough to Itemize

September 16, 2020 | 2020
Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

The other day someone affected by the COVID related business slowdown asked, . . .”I have bills to pay, heard something on the news about the CARES Act allowing a penalty free (NOT TAX FREE) retirement account distribution. What is the “penalty”? Do I qualify for a penalty free distribution? How to determine the taxes … Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

August 18, 2020 | 0
The Hidden Side of “Bringing America Together” Editorial

Man and woman with american flag wrapped around their shoulders

Election day is soon approaching. Lets look what each side offers tax wise. . . We all know what our President has given us—the Tax Cuts and Jobs Act. Let’s look at the “Bring America Together” sides tax wish list: Increase taxes on those making over $400,000 Increasing top tax rate from 37 to 39.6% … The Hidden Side of “Bringing America Together” Editorial

July 30, 2020 | 0
Can’t Pay Taxes? Options . . .

July 15 has come and went . . . and the tax bill does not fit into your budget. . . what to do: File anyway. This stops the Failure to File Penalty. If can pay the balance by year end, make monthly payments. Ask your tax pro for bill stubs. Pay at least every … Can’t Pay Taxes? Options . . .

July 22, 2020 | 0
SCAM ALERT—Some of the IRS’s Favorites:

Accountant holding books bag of cash beside him. policeman beside him holding a pair of handcuffs

Pfishing: Fake emails made to look like coming from the IRS to steal personal information. IRS never contacts taxpayers by email. Don’t click on any “IRS” links Fake Charities—unsolicited contact from questionable charities. Have similar names to legitimate charities to fool people into giving money or financial information. Legitimate charities have an employer identification number … SCAM ALERT—Some of the IRS’s Favorites:

October 23, 2019 | 0
What’s a COLA? Is it related to PEPSI?

Can of coca cola sitting on a stone wall

No. A COLA is not a relative of Pepsi-Cola. It refers to a special Cost of Living Adjustment (COLA) for those receiving Social Security Benefits. Once a person starts receiving Social Security Benefits, the benefit amount tends to stay the same except for COLAs. For tax year 2020 the COLA will be 1.6%. For a … What’s a COLA? Is it related to PEPSI?

October 16, 2019 | 0
Selling a Home . . .There May be a Tax Break for That. . .

Yellow house with porch and steps with tree

If you’re a homeowner and selling your principal residence two questions: Did you live in it as your only home (principal residence) for at least two years? Was the time period lived there end within five years of the home sale date? If you answered both of the above questions as Yes and you did … Selling a Home . . .There May be a Tax Break for That. . .

Welcome

My Tax Blog

July 20, 2021 | 2020 Hidden Treasure: Will Amending 2020 Taxes Provide Additional $$?

June 4, 2021 | 2020 Where’s My Refund? It’s been 6 weeks, 10 weeks, 12 weeks

October 7, 2020 | 0 How to Handle a Tax Notice (“Bill”)

October 7, 2020 | 0 Medical Expense Tax Deduction When Don’t Have Enough to Itemize

September 16, 2020 | 2020 Penalty Free Retirement Plan Withdrawals—CARE ACT 2020 Tax Year ONLY

August 18, 2020 | 0 The Hidden Side of “Bringing America Together” Editorial

July 30, 2020 | 0 Can’t Pay Taxes? Options . . .

July 22, 2020 | 0 SCAM ALERT—Some of the IRS’s Favorites:

October 23, 2019 | 0 What’s a COLA? Is it related to PEPSI?

October 16, 2019 | 0 Selling a Home . . .There May be a Tax Break for That. . .

Categories