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Category Archives: Uncategorized

Veteran’s disability severance refunds

If you are a veteran who received disability severance payments after January 17, 1991, the DOD withheld taxes on those payments, and you reported the payments on your tax return, you are due a refund. You are supposed to receive … Continue reading

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Summertime child care credits

If your kids are under the age of 13 and they go to day camp during the summer, you can get a credit on your tax return for your costs. The Child and Dependent Care Credit is for the care … Continue reading

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Three Tax Takeaways for Friday, July 06, 2018

First: consider that taxes are levied in three general categories; taxes on wages, taxes on spending, and taxes on income. All of your taxes touch one or two of these categories. Second: the TCJA eliminates the alimony deduction for divorces … Continue reading

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Three tax takeaways

1. South Dakota v. Wayfair On-line sellers no longer have to have a physical presence within a state to be required to pay sales taxes for on-line sales within those states. On June 21, 2018 the Supreme Court overturned the … Continue reading

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Some tips for building credit

Start by saving money now, because you are going to need it. Brian Tracy, the business guru and author of many best-selling business books, teaches us that unless you can save 10% of your earnings, your measure of being financially … Continue reading

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Withdrawals from your IRA

If you are older than 59 ½ years old and withdraw money from your regular IRA, the distributions are only subject to income tax. If you withdraw funds before you reach age 59 ½ those amounts are subject to both … Continue reading

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The TCJA changes for unreimbursed employee expenses

One of the most profound changes in the new tax law is that taxpayers who are used to taking a deduction for unreimbursed employee expenses subject to the 2% of AGI floor will loose those deductions effective from 2018 through … Continue reading

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When the IRS files a return for you

When the IRS prepares a return for you they call that an Automated Substitute for Return (ASFR). It is an assessment tool intended to enforce compliance for those who are delinquent in filing their tax returns. Generally it is used … Continue reading

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The IRS Streamlined Installment Agreement

That means having your installment agreement processed in a streamlined manner compared to providing a stack of financial information going back three months. If you owe taxes to the Government and can not pay right away, the Internal Revenue Service … Continue reading

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Can the IRS put me in jail?

Yes, but never for owing taxes. The IRS can criminally prosecute you and possibly put you in jail if you voluntarily and deliberately violate a known legal duty in order to avoid paying taxes. That would be tax fraud (sometimes … Continue reading

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