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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

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 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?

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

fireworks at sunset silouette of person holding a candle

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” ?

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?

March 1, 2019 | 0
Meals Expense Deductible? It Depends

man with coffee talking to a woman in a business suit outside building

The 2017 Tax Cuts and Jobs Act suspended some deductions and sidestepped others. One of those deductions is the meals expense. For most employees, the meal expense (or per diem) tax deduction is suspended until tax year 2026 (no tax deduction). However, self employed individuals (or those receiving a 1099 Misc) and STATUTORY employees (e.g. … Meals Expense Deductible? It Depends

Welcome

My Tax Blog

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

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?

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

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

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

March 1, 2019 | 0 Meals Expense Deductible? It Depends

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