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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.

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My Tax Blog

July 19, 2019 | 0
IRS Loves Seniors—Form 1040SR

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Are you over age 65? Congress and the IRS are thinking of you . . . They’re developing a new Tax Form just for you for 2019 Tax year. It’s called Form 1040SR. It is styled much like the discontinued Form 1040EZ. The differences: It’s 2 pages It’s for Seniors age 65 and older No … IRS Loves Seniors—Form 1040SR

July 10, 2019 | 0
Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

The short answer is No. The numbers are different. Federal and most State tax returns subtract for fringe benefits (e. g. 401K), adjustments (e. g. student loan interest) and/or a standard deduction before calculating total taxable income also known as Adjusted Gross Income or AGI. However, Cities usually base their taxable income on the Box … Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

July 3, 2019 | 0
Self Employment, Financial Freedom or IRS “Invitation” ?

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Are you a self-employed business owner? It’s great to set your own hours and choose your “job”. However, if a business owner isn’t careful, the ticket to financial freedom–the business–can be an “invitation” for an IRS inquiry . . . The IRS defines a business as a FOR PROFIT activity. Translation: Just because you call … Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020
I Didn’t File My Taxes . . .What Now?

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Yes, it’s after April 15th. However, “forgetting” to file isn’t fatal if it’s addressed quickly. This article is limited to individual Federal Tax filing requirements. State and cities may have additional tax filing requirements. Question 1: Is filing Federal Tax Return required? Not required for self employed taxpayers with income under $400.00 OR For taxpayers … I Didn’t File My Taxes . . .What Now?

May 29, 2019 | 0
Saving $ on Health Insurance?

Health Insurance costs are rising. One way to reduce health insurance premiums is to enroll in a high deductible health insurance plan and to pair that plan with a (tax deductible) Health Savings Account. For 2019 A high deductible health insurance plan has deductible of at least $1,400 (for individual coverage) or $2,750 (for family … Saving $ on Health Insurance?

April 25, 2019 | 0
Grandpa Died and I Get a Tax Bill?

Most inheritance distributions are usually tax free, especially if the moneys received are from a regular savings or checking account (or the equivalent) or are from life insurance not paid to the Estate. However, if the money received is from a stock fund sale, IRA or asset sale (e.g. house or farm) then the proceeds … Grandpa Died and I Get a Tax Bill?

January 30, 2019 | 0
Why File Taxes Early?

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To avoid tax related identity theft Most identity thieves file “phony” returns early so that the IRS receives the phony forms before the “real” taxpayers have time to file. After a tax return is electronically filed, any other individual electronically filed return for the same tax year and same social security number is rejected. So … Why File Taxes Early?

January 24, 2019 | 0
Qualified Business Income Deduction

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Are you: Self Employed? Receive Limited Liability Company (LLC) Income? Receive a 1099 Miscellaneous? Member of a LLC (e. g. Partnership)? Receive Sub Chapter S Corporation Distributions? If you answered no to the above questions then QBI does not apply to you. . . If you answered yes, then: The Qualified Business Income (“QBI”) deduction … Qualified Business Income Deduction

Welcome

My Tax Blog

July 19, 2019 | 0 IRS Loves Seniors—Form 1040SR

July 10, 2019 | 0 Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

July 3, 2019 | 0 Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020 I Didn’t File My Taxes . . .What Now?

May 29, 2019 | 0 Saving $ on Health Insurance?

April 25, 2019 | 0 Grandpa Died and I Get a Tax Bill?

January 30, 2019 | 0 Why File Taxes Early?

January 24, 2019 | 0 Qualified Business Income Deduction

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