Tax Preparation vs. Tax Planning

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out [...]

Tax Preparation vs. Tax Planning2019-12-28T21:21:43+00:00

7 Tips to Help You Figure out if Your Gift Is Taxable

If you've given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable. 1. Most [...]

7 Tips to Help You Figure out if Your Gift Is Taxable2019-12-28T21:20:06+00:00

Estimated Tax Penalty Waived for Eligible Filers

More than 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability will have the estimated tax penalty automatically waived or refunded (if they already paid the penalty) on 2018 returns filed with the IRS. Eligible taxpayers who have already filed a 2018 return do not need [...]

Estimated Tax Penalty Waived for Eligible Filers2019-12-28T21:17:48+00:00

Homeowner Records: What to Keep and How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, [...]

Homeowner Records: What to Keep and How Long2019-12-28T21:14:05+00:00

Your Canceled Debt Could Be Taxable

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your [...]

Your Canceled Debt Could Be Taxable2019-12-28T20:54:42+00:00

Deducting Business-Related Car Expenses

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion [...]

Deducting Business-Related Car Expenses2019-12-28T20:53:39+00:00

What to Do if You Receive an IRS CP2000 Notice

An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you about the information the IRS has received [...]

What to Do if You Receive an IRS CP2000 Notice2019-12-28T20:52:33+00:00

Tax Tips for Students With a Summer Job

Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer months. All new employees fill out a W-4 when starting a new job. This form is used by employers to [...]

Tax Tips for Students With a Summer Job2019-12-28T20:48:42+00:00
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