Tax law changes relatively often. Major tax reform is rare, but rules and regulations, especially at the state level, have a tendency to fluctuate, and this can mean that you see slightly different results in your tax returns from year to year. For example, in 2018 a number of IRS filing changes took effect, including a much larger standard deduction and a lower mortgage interest deduction.… [Read more]
Tips for Surviving an IRS Audit: It’s Never Too Early to Plan
They are the words that no tax-paying American wants to hear: “You’re being audited.” Paying taxes and preparing your tax return every year can be frustrating enough. However, if the IRS chooses to audit you, it can be a dreadful experience.
Even if you feel confident that you covered every detail and all of your deductions are accurate and legitimate, it’s still very easy to second guess yourself and worry about what an audit might uncover.… [Read more]
Polls, Politicians and Public Attention – Wrapping Up the Week
Another week, another wrap-up. The problem is that this past week feels like déjà vu all over again as the news cycle spit out one story after another about the “scandals” of Benghazi the IRS and even “umbrella gate.” Yeah, ‘umbrella gate’ — in which the far right has lost what remains of its senses by throwing yet another hissy fit over a Marine holding an umbrella for the President as he delivered a speech during the rain.… [Read more]
The REAL Defense of Marriage Act—Income Taxes and the “Marriage Penalty”
For all the talk about defending marriage as a sacred institution between one man and one woman in the news these days, no one seems to be talking about the third party involved in every marriage in this country… the Internal Revenue Service. Yes, the marriage penalty is alive and well in the United States of America, and it seems ironic that some are so focused on preserving the sanctity of marriage, only to tax the holy hell out of you when you do it.… [Read more]
Mid-Year Tax Update
Okay, so it’s not quite mid-year yet, but with the second quarter coming to a close, it’s time to start thinking about taxes (if you ever stopped). Here are some tips to ensure that your tax bill is right where you want it to be next April.… [Read more]
Conservatives Hate Amnesty, Most of the Time
Tax Day is rapidly approaching. I have envelopes of receipts a mile high and expense sheets a mile long to prove it. I take the art of penny pinching to new heights. Still, at the end of the day, the very end of that day, I file and pay. But apparently if you have boat loads of dough stashed offshore, you can relax.… [Read more]
‘Better Late Than Never’ Tax Tips
One of the most common questions I get asked as a CPA who deals with taxes on a regular basis is “how can I be sure I don’t have to pay at the end of the year?” Although I am the kind of person who tries to make my tax burden to the government as close to $0 as possible, I understand the thrill of the refund… found money, so to speak.… [Read more]