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Retirement accounts that provide tax breaks have very specific rules that must be followed if you want to enjoy the financial rewards of those tax breaks. One of these rules...
Here’s a roundup of several recent tax court cases and what they mean for you. Blogging for Taxes (Thomas v. Commissioner of IRS, 160 T.C. No. 4) The innocent spouse...
What kind of penalties will I be charged if I pay my taxes late? If you fail to pay all your taxes by the April 15* deadline, you’ll have to...
Post tax filing record retention With a sigh you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to...
In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action...
The IRS is clear on their point of view. If you barter you must include the barter activity’s fair market value as income on your tax return in the year...
So what is fair market value (FMV)? According to the IRS, it’s the price that property would sell for on the open market. This is the price that would be...
Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of ten common sources of tax-free income. Gifts. Gifts you receive...
Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of...
Please use the form to contact us regarding your questions and tax issues. Please do not send confidential information using this form.