How Can American Expats Reduce their IRS Taxes?
Americans living abroad are still required to file US taxes. The US is the only country that requires its expats to file. It is because the US taxes based on citizenship rather than on residence. This leaves the millions of Americans who work abroad at risk of double taxation, paying taxes in both the country […]
How the Sales Tax Holiday Can Boost Your Back-to-School Savings
With several of my family members working in the education field, I know it will be only a matter of time before I’ll get tweets and Facebook shares on the back to school deals they find. Depending on where you live, your state may be offering a huge savings with a sales tax free […]
IRS Simplifies Surviving Spouse Portability Election
The Internal Revenue Service has released a revenue procedure that offers an easier way to get an extension of time to file a return to opt for portability of the deceased spousal unused exclusion amount. Revenue Procedure 2017-34 applies to estates that aren’t typically required to file an estate tax return because the value of […]
HOW TO AVOID TAX HEADACHES WHEN EMPLOYEES TRAVEL OUT OF TOWN ON BUSINESS
Business travel, an expensive and time-consuming activity for both the employer and employee, also can create tax problems for all concerned unless the rules are followed to the letter. If it’s done right, business travel will be fully deductible by the company (but only 50% of travel meals are deductible), tax-free to the employee, and […]
How to Secure a Valuable Tax Credit for Hiring Designated Workers
Before you interview the next group of job candidates for your small business, whether it’s to fill a full-time position or just for the summer, keep in mind that long-term unemployment recipients and other workers certified by a state agency may qualify for the Work Opportunity Tax Credit (WOTC). This isn’t just chicken feed: The […]
How to Play All the Right Tax Angles for Hobbies
Millions of people enjoy hobbies that also provide a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing – no matter what your passion is, there will likely be tax repercussions. Some taxpayers are surprised to learn that they must report income earned from hobbies on their tax return. The […]
Some of the Biggest Estate-Planning Mistakes People Make
Will your legacy be a benefit or a burden to your loved ones? It depends on how well you’ve planned. There are some things we just don’t like to think about, much less speak about. The universal truth is we are all going to pass away one day. The legacy you leave can either simplify […]
Taxpayer Tips: Best Practices for U. S. Tax Court
Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: 1. Know What Tax Court Is Congress created the Tax […]
IRS and Security Summit Partners Warn of Fake Tax Bills
WASHINGTON — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version […]
Tips for Taxpayers Who Owe Taxes
The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make […]
Merry May Tax Moves
Welcome to the merry, merry month of May, which is particularly joyous for folks who’ve finished up their 2016 tax returns. That’s almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year’s main filing season. While the 2017 […]
