They say wisdom comes with age, but so do tax savings! Once a taxpayer turns the big 5-0, the IRS makes tax time a little sweeter, but it gets even better when they turn 65. Here are some federal and state tax saving tips that will give taxpayers man…
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The 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act includes a temporary change to tax deductions in an effort to boost charitable donations for organizations who are struggling to help people suffering from COVID-19 shutdowns. As part…
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You received a letter from the IRS notifying you of a tax audit. Now what? First thing, take a deep breath. Being audited can be scary, but it does not need to be. Know what an IRS audit is and is not, understand what the IRS expects from you, and pr…
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If you miss a quarterly estimated tax payment, you may need to pay penalties and interest. Estimated tax payments are due each quarter for federal and state income taxes. Also, they are used to pay self-employment tax. Most people who work as an empl…
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Scammers catch people unaware and rob them of millions of dollars every year. Many behind these scams are well organized and search for easy prey. During times of crisis, like the pandemic, they prey even harder on less suspecting people. In this art…
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Electronic sports, or e-sports, income is taxable to gamers who make money from participating in online gaming. Professional gaming has taken off in the past few years with some even making millions! The IRS defines income broadly. Any income receive…
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For most married couples, you have two options on how to file your taxes: jointly or separately. For a few married people, filing as head of household can be the best option. If you file your taxes jointly, you report all your income and deductions o…
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Selling the family home and wondering how the sale is going to affect your taxes? The good news is for most homeowners, when it comes time to sell, the profit is now tax-free. To qualify for the tax-free exclusion of profit from the sale of your home…
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In 2017 as part of the Tax Cuts and Jobs Act (TCJA), Congress made major changes to the bonus depreciation rules affecting partnerships. For open tax years, partners should assess carefully whether they want to adopt the final regulations or the 2019…
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Have you ever driven by a post office in the middle of April and wondered why there were so many people waiting in the checkout line? Chances are it was Tax Day! Some US Post Offices even stay open later to allow taxpayers additional time to get thei…
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