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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 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

September 1, 2020 | 0
How Long Should I Keep Tax Return Copies?

Top half of IRS 1040x amended tax return form

Depends on tax situation: If don’t own a business, then keep AT LEAST four years of tax returns. The IRS has three years after the tax return is filed to review the filed return and send a bill. CAREFUL! IRS can review up to six tax years of tax returns if twenty five percent or … How Long Should I Keep Tax Return Copies?

August 27, 2020 | 0
IRS Pays ME Interest?!

Yes, under certain conditions. FOR TAXPAYERS: The IRS must pay interest if the taxpayer’s tax refund is paid more than 45 days after the tax return due date. Because of the COVID-19 shutdown, some individual taxpayer refunds have interest added. Extra money from the IRS . . .Yay! Careful: CATCH22!! IRS interest received is taxable. … IRS Pays ME Interest?!

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

August 7, 2020 | 0
Remembering the Past . . . in the ERA of COVID

Sorry I just have to vent. So tired of the COVID bad news. Since we’ve forgotten the past, we are ill equipped to handle the present or the future. A hundred years ago, there was a strange illness with no known cure. Like COVID 19, it attacked the lungs and organs. People infected coughed up … Remembering the Past . . . in the ERA of COVID

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:

November 27, 2019 | 0
Thanksgiving and “Thanks Living . . .”

dinner table set with dishes candles and a small turkey

Tomorrow is a National Holiday called Thanksgiving Day. For most people, the purpose of Thanksgiving is to celebrate family, food, football, and to scope out the best deals for “Black Friday” shopping. But is that the real purpose of the Holiday? To discover the “historical roots” of Thanksgiving, we would have to go back 300 … Thanksgiving and “Thanks Living . . .”

McClish Tax & Bookkeeping LLC

Welcome

My Tax Blog

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

September 1, 2020 | 0
How Long Should I Keep Tax Return Copies?

August 27, 2020 | 0
IRS Pays ME Interest?!

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

August 7, 2020 | 0
Remembering the Past . . . in the ERA of COVID

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

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

November 27, 2019 | 0
Thanksgiving and “Thanks Living . . .”

Categories

Welcome

My Tax Blog

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

September 1, 2020 | 0 How Long Should I Keep Tax Return Copies?

August 27, 2020 | 0 IRS Pays ME Interest?!

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

August 7, 2020 | 0 Remembering the Past . . . in the ERA of COVID

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

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

November 27, 2019 | 0 Thanksgiving and “Thanks Living . . .”

Categories

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

September 1, 2020 | 0
How Long Should I Keep Tax Return Copies?

August 27, 2020 | 0
IRS Pays ME Interest?!

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

August 7, 2020 | 0
Remembering the Past . . . in the ERA of COVID

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

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

November 27, 2019 | 0
Thanksgiving and “Thanks Living . . .”