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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

August 18, 2020 | Editorial, Form 1040, IRS, Legislation, Tax Planning-Business...
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 | Collection, Form 1040, IRS, Tax Due, Tax Resources...
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 | Collection, Form 1040, IRS, scams, Tax Due...
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 | Form 1040, IRS, Medicare, Tax Resources, Taxes...
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 | Estate or Life Change, Form 1040, IRS, Tax Forms, Tax Resources...
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 | Employee deductions, Form 1040, IRS, meals, Tax Planning-Business...
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 Tax Season, 2022 tax year, Collection, Form 1040, IRS...
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 | Collection, Foreign taxation/Abroad, Form 1040, IRS, Tax Due...
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 | Form 1040, IRS, Legislation, Tax Planning-Business, Tax Resources...
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 | Form 1040, Health Savings Acct (HSA), IRS, Itemized Deductions (Schedule A), Medical Expense...
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?

Welcome

My Tax Blog

August 18, 2020 | Editorial, Form 1040, IRS, Legislation, Tax Planning-Business... The Hidden Side of “Bringing America Together” Editorial

July 30, 2020 | Collection, Form 1040, IRS, Tax Due, Tax Resources... Can’t Pay Taxes? Options . . .

July 22, 2020 | Collection, Form 1040, IRS, scams, Tax Due... SCAM ALERT—Some of the IRS’s Favorites:

October 23, 2019 | Form 1040, IRS, Medicare, Tax Resources, Taxes... What’s a COLA? Is it related to PEPSI?

October 16, 2019 | Estate or Life Change, Form 1040, IRS, Tax Forms, Tax Resources... Selling a Home . . .There May be a Tax Break for That. . .

September 5, 2019 | Employee deductions, Form 1040, IRS, meals, Tax Planning-Business... Can I Claim Meal & Travel Expenses for 2019 Tax year?

August 14, 2019 | 2021 Tax Season, 2022 tax year, Collection, Form 1040, IRS... BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

July 31, 2019 | Collection, Foreign taxation/Abroad, Form 1040, IRS, Tax Due... IRS Collects Tax for Foreign Countries Too?

July 3, 2019 | Form 1040, IRS, Legislation, Tax Planning-Business, Tax Resources... Self Employment, Financial Freedom or IRS “Invitation” ?

May 29, 2019 | Form 1040, Health Savings Acct (HSA), IRS, Itemized Deductions (Schedule A), Medical Expense... Saving $ on Health Insurance?

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