Filing Your Taxes & Can’t Pay? – 5 Options

Filing Your Taxes & Can’t Pay? – 5 Options

Filing Your Taxes & Can’t Pay? 5 Options to Consider

If you’re certain you will be due a refund when tax time rolls around, chances are filing your taxes will be done before the due date. However, if you’re one of many who will owe the IRS, and you don’t have the money to cover the bill, it may be a different story.

A study was done last year to find the reason why many taxpayers failed to file their tax return by the extended filing date of July 15, 2020. It revealed that 24% of that group were sure they owed additional taxes, but they were not able to pay.

Another 18% had no idea View full post…

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Is Your Tax Refund Forfeited?

Is Your Tax Refund Forfeited?

Are You Sure You Don’t Have a Tax Refund Due?

Usually when the tax filing due date arrives, most taxpayers breathe a sigh of relief. What most taxpayers don’t realize, that date will close the window for many on their ability to file a claim for a tax refund. READ THIS CAREFULLY: The IRS stated that for the tax year 2017, up to 1.4 million individual taxpayers lost their ability to claim a refund by missing the three year statute.

Those same individuals forfeited $1.35 billion in View full post…

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Taxes on the Sale of a Foreign Home

Taxes on the Sale of a Foreign Home

How Is the Sale of a Foreign Home Taxed?

There are many U.S. citizens who live and work part or full time in a foreign country. At some time, they will be faced with the taxation on the sale of a foreign home when they decide to move back to the USA. Many, as well, have enjoyed the balmy weather of Southern France, but miss the View full post…

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Do I File a Tax Return in College

Do I File a Tax Return in College

Does a College Student Have to File a Tax Return? 

If you’re a college student, or about to become one, there are a few very important things for you to consider. The first is do you really have to file a tax return? If you do, who is going to do it? If you worked a part time job and had earned income, or maybe had some investment income, too, you probably need to file a return. But, wait.

Don’t just get some tax forms and file your return, or go View full post…

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Cheating On Your Taxes

Cheating On Your Taxes

8 Ways You May Be Cheating on Your Taxes

There are many ways you can be cheating on your taxes without even being aware of it. Often times a well-meaning friend or relative will tell you that some type of income isn’t taxable because they’ve been doing it for years and the IRS hasn’t said anything. Ever hear that?  We all have, I believe.

Doing all you can to legally avoid taxes is okay, but it’s never okay to evade taxes. Maybe we’re “old fashioned” here at our firm, but we firmly believe that everyone should View full post…

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Awesome Tax Credits

Awesome Tax Credits

Tax Credits Available Without the Personal Exemption

The Tax Cuts and Jobs Act that took effect on 2018 tax returns, allowed certain tax credits to continue, but only for those who had qualified dependents. Prior to the new tax law, taxpayers had been claiming dependents as personal exemptions and got a $4,050 deduction on their 2017 return for each one.

So, a married couple with two children could deduct a total of $16,200 from their gross income – a pretty good deal. There were limitations, however, View full post…

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Tuition and Fees Deduction

Tuition and Fees Deduction

How to Qualify for the Tuition and Fees Deduction

So, why is this deduction so desirable? Well, for one, the amount of the tuition and fees deduction is taken as a deduction “above the line”, and not on Schedule A. Secondly, Congress reinstated the deduction for the tax year 2020, and it will expire on December 31, 2020.

 In essence, the purpose of the deduction is to permit qualifying taxpayers a subtraction from their taxable income to cover a part of the cost for college tuition. It also permits a deduction for fees paid for education related expenses.

The deduction had View full post…

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Business or Hobby – Are You Sure?

Business or Hobby – Are You Sure?

Do You Have a Bona-Fide Business or Is It A Hobby?

Things have been a little tight, money wise, and you decided to start a business with hopes of making a few extra bucks. Do you know what the IRS rules are and how they decide if you have a real business or hobby? You need to know these rules and make sure that you follow them.

Do You Intend to Make a Profit and Pay Taxes if You Do?

This is what it all boils down to…TAXES. The IRS knows View full post…

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Taxes for Self-Employed Individuals

Taxes for Self-Employed Individuals

Taxes for Self-Employed Individuals – Who Qualifies?

People who work as an employee don’t have to be very concerned with having their various taxes paid to the IRS. The employer withholds FICA, Medicare, federal income tax, and also state income tax, and sends in this money to the IRS and the state. Taxes for self-employed individuals are different.

Not so for someone who works as a freelancer. This individual must keep accurate records as to income and expenses, so that he can calculate his tax liability. The taxing agencies aren’t much help either, with their confusing payment dates for estimated taxes.

Most individuals find it View full post…

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More State Taxes Due to the Pandemic

More State Taxes Due to the Pandemic

You Could Be in for a Tax Surprise by Working from Home During the Pandemic

Practically every state in the U.S. has a requirement, that anyone who does work within their state, must file a tax return there and pay state taxes. It doesn’t matter where you live either, and this might be a big tax surprise for some remote workers.

Many wage earners were required to relocate to another state because of Covid-19. Even though their move was temporary, as long as they earned income View full post…

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