If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related party, and that can really complicate matters. Deirdre and her tax preparation Gilbert team can help you have a […]
Selling to a Related Party Can Kill Your Tax Losses Read More »
WHAT CAN A 1040 REVIEW DO FOR YOU? Get a picture of your current tax situation and receive professional advice and suggestions that you can make to brighten your financial future and pay less taxes! Help reduce taxable income and lower your marginal tax rate Learn to use tax deferral vehicles Increase our tax
Could you benefit from a 1040 Tax Review? Read More »
Under a joint IRS and U.S. Department of the Treasury ruling issued in 2013, same-sex couples, legally married in jurisdictions that recognize their marriages, are treated as married for federal tax purposes, including income and gift and estate taxes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage
Tax Tips for Legally Married Same-Sex Couples Read More »
Taxpayers should be aware of the most recent scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to
EFTPS Phone Scam Alert: Fake Certified Letters Read More »
While The IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here’s what you need to know about the two most recent scams: fake charities that take advantage of people’s generosity during
Scam Alerts: Hurricane Charities and Ransomware Read More »
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.
Filing an Amended Tax Return Read More »
If you adopt a child in 2017, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. 1. Credit or Exclusion. The credit is non-refundable.
Top Ten Facts about Adoption Tax Benefits Read More »
If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are five
Business Expenses – Tips for Employees Read More »
April 18 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe
Late Filing and Late Payment Penalties Read More »
Business owners, as well as employees, often have questions about what to do with an employee’s home–and what the tax consequences might be–when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee to be relocated against financial loss on a “forced” sale
Employee Relocation: What Happens to your Home? Read More »
