“Before taking action talk to your tax adviser.” How many times have you seen this legal disclaimer and have your eyes gloss over? Unfortunately, there are too many times when taxpayers do not follow this advice and then must pay the price with an unnecessarily high...
Consider: Your home was broken into and your spouse’s $10,000 in jewelry is taken. Consider: Your uninsured boat is taken from your cabin dock, along with fishing poles, fishing gear, and your lucky lure. Can you deduct these loses on your tax return? Perhaps, but it is tough. The...
In a recent key-note address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He re-iterated that he was...
For years you have put away 6% of your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan to...
If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background In an effort to identify...
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rule You may give up to $14,000 to...
One of the basics in retirement is to be as tax efficient with your income as possible. In 2016, income tax rates range from 0 - 39.6% plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates...
Topline: If next year’s tax return claims an Earned Income Tax Credit or the Additional Child Tax Credit your refund will be held by the IRS until February 15th. The delay in sending out tax refunds is mandated by recent tax law legislation because of the...
When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch. To...
A year ago the IRS closed down their popular “Get Transcript” online service after a severe security breach. With new security protocols now in place, this IRS service is available once again. Here is what you need to know. Background. Last spring the IRS announced their...
