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Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the...

Fast Track Settlement offers Small Business/Self-Employed taxpayers an opportunity to resolve tax disputes at the earliest possible stage in the examination process. Once your application is accepted, the goal is resolution within 60 days. With FTS, a trained mediator from the IRS Office of Appeals is assigned to help you and the IRS reach an agreement on the disputed issue(s). You retain full...

Going on a fun trip this summer where you’re planning to do some gambling? Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time next year: 1. Gambling income. Gambling income includes winnings...

Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum: Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form...

Summer is a time where many families decide to move, since the kids are out of school and it may be easier to get vacation time from work. Below, we detail the many ways moving can affect your taxes. Moving Out of State Texas is one of seven states that does not collect a state income tax. That’s a pretty attractive offer for people considering a move. First, it’s important to remember that if...

As we are half way through the year, now is the best time to take action and avoid most common tax mistakes that small businesses make. Following are some of the best practices to help your business avoid tax trouble. Maintain Good Records Mid-year is an ideal time to examine your recordkeeping habits. Good recordkeeping not only allows you to monitor the progress of your business but also...

The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, though notably, not IRS.gov (IRS-dot-gov). Don’t get scammed. These emails are not coming from the...

A unanimous Supreme Court has held that the funds in an inherited IRA do not qualify for exemption in bankruptcy because they do not share the same characteristics as “retirement funds” that traditional IRAs have. In 2000, Ruth Heffron established a traditional IRA and named her daughter, Heidi Heffron-Clark, as the sole beneficiary. When Ms. Heffron died the next year, the IRA, worth at the time...

Having to add to payroll can be a momentous step for budding small businesses, but the tax implications can be burdensome. By hiring employees, a small business owner is subject to payroll processing fees, extra paperwork with quarterly and annual filings, payment of payroll tax deposits, as well as the added cost of matching Social Security, Medicare and funding the federal unemployment fund...

Are you unsure if you need to sign up for health insurance? Don’t worry, we can help you understand who is exempt from having insurance under the Affordable Care Act. The Affordable Care Act requires that all Americans have health insurance starting in 2014. Those who choose to not have insurance will have to pay a tax penalty unless they qualify for an exemption. The tax penalty can also be...