IRS Expands Requirement to E-File Information Returns Starting in 2024

, , ,
Article Highlights:  New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers …

Taxes and Holiday Gift Giving

, , ,
Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified…

Cracking the (Tax) Code: Your Guide to Tax Jargon

,
Do taxes have you feeling like you've stumbled into a secret society with its own language? You're not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don't worry, we’re…

Tax Benefits for Members of the Military

Article Highlights:  Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction …

Made a Mistake on Your Tax Return, so What Happens Now?  

, ,
Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes…

Mid-Year Tax Planning Checklist 2023

, ,
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced…

When Tax Issues Become a Criminal Situation in the Eyes of the IRS

,
Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail…

Can a Self-Employed Taxpayer Mix Business and Pleasure During Foreign Travel and Still Get a Tax Deduction?

,
Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: the business expenses discussed in…

Important July 2023 Due Dates

,
July 2023 Individual Due Dates July 3 - Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report…

Tax Breaks for Hiring Your Children in Your Family Business

Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring…