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

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 . . .

woman setting at computer desk holding her head

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. . .

September 25, 2019 | 0
Prizes Are Taxable?

Tahoe utility setting at the water's edge of a beach

As a high school student discovered in the Conyers case. A car dealership held a competition for high school seniors who had perfect attendance and/or good grades. Schools submitted names of qualifying students and the dealership held a drawing for a new car. The student accepted the new vehicle, but didn’t report the income on … Prizes Are Taxable?

September 10, 2019 | 0
Retirement Withdraw for Home Downpayment is Tax Free? Right?

Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as … Retirement Withdraw for Home Downpayment is Tax Free? Right?

September 5, 2019 | 0
Can I Claim Meal & Travel Expenses for 2019 Tax year?

Hand holding with pita sandwich wrapped in paper in an outside plaza

Are you one of the “lucky” people that can still deduct Meal and Travel Expenses on their tax return? . . . First a few questions: Is the travel and meal expense related to your job as an employee (taxes taken out of paycheck)? Is the travel expense (e.g. hotel) incurred in the same city … Can I Claim Meal & Travel Expenses for 2019 Tax year?

August 14, 2019 | 2021
BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

engraving part of face and eye from US currency

Virtual Currency may not be as private as previously thought. The IRS is reviewing Virtual Currency holders (e. g. Bitcoin and related currencies) tax returns because these taxpayers may not have reported income (or paid taxes) when the currency was redeemed (used to buy goods and services), traded or sold. The IRS is sending a … BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

July 31, 2019 | 0
IRS Collects Tax for Foreign Countries Too?

Two police officers outside one holding night stick other holding hand cuffs

Moving to the United States does not stop a foreign country from collecting a tax debt as Dr. Retfalvi found out (Retfalvi, 4thCircuit). Dr. Retfalvi was a Canadian citizen. He moved to the US under a Work Visa and later became a US Citizen. The IRS initiated collection procedures on Taxpayer on behalf of Canada. … IRS Collects Tax for Foreign Countries Too?

Welcome

My Tax Blog

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. . .

September 25, 2019 | 0 Prizes Are Taxable?

September 10, 2019 | 0 Retirement Withdraw for Home Downpayment is Tax Free? Right?

September 5, 2019 | 0 Can I Claim Meal & Travel Expenses for 2019 Tax year?

August 14, 2019 | 2021 BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

July 31, 2019 | 0 IRS Collects Tax for Foreign Countries Too?

Categories