Tax reform changes the alimony game. This may or may not have any relevance to you, but if it does, you will want to move quickly. The Tax Cuts and Jobs Act (TCJA) eliminates tax deductions for alimony payments that are required under post-2018 divorce agreements. More specifically, the TCJA’s new denial of alimony tax […]
Here’s a link to an important article about keeping a eye on your social security earnings records. There are strict time limits on fixing any errors in your social security earnings record that you need to be aware of. Not correcting the error(s) in a timely fashion could cost you benefits for a lifetime. http://socialsecurityintelligence.com/check-your-social-security-earnings-statement-before-its-too-late/
Time Limit to Correct Social Security Earnings Statement Before It’s Too Late! Read More »
Traditional individual retirement accounts (IRAs) became available in 1974 and have been around ever since. This makes your odds of inheriting a traditional IRA pretty good. The purpose of this letter is to look at some of the rules that apply when you inherit an IRA from someone other than your spouse. Traditional
How To Handle a Traditional IRA Inherited from a Non-Spouse Read More »
Five suspects have been arrested for involvement in a growing IRS impersonation scam that has bilked an estimated $36.5 million from 6,400 victims nationwide, federal officials said Tuesday. I have personally received many calls from clients and others saying that they have been contacted by the IRS to “pay up or go to jail”. As
Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, headlining the annual “Dirty Dozen” list of tax scams for the 2016 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams as scam artists threaten police arrest, deportation, license revocation
Gambling is an ever-popular pastime, but did you know that gambling can have very serious tax implications? These are crazy and in my opinion are unfair, but they are in the tax law and courts have had their say to uphold them. Theoretically, the full amount of gambling winnings (unless you qualify as a professional
Tax Tips For Real Estate Agents You, as a real estate broker or agent, have two ways to grow your real net income: 1. Financial Offense 2. Financial Defense Financial offense boost your income. Get more listings, more showings, more closings, sell more expensive properties, add additional services and the like. Financial offense is hard
Travel, Meals and Entertainment Expenses Commuting Expenses. To open this section I want to be sure we understand that, in general, the costs of commuting between a taxpayers home and work location are nondeductible commuting expenses. But under certain circumstances these commuting expenses can be deductible if: 1) The expense is for going between the
According to the Federal Trade Commission (FTC), identity theft is the
number one complaint they receive.
his may not be a surprise to you, but did you know that in 2010, only about
15% of all identity theft complaints to the FTC had to do with tax returns, and
that by 2013, that percentage jumped to over 40%.
Hello All, I’ve put this in my newsletters and website for years, but just got a phone call from a client whose identity was compromised when he opened an email that said it was from the IRS and answered some questions. As I’ve stated before, the IRS does not generally contact taxpayers via email. Never,