Archive

25Jul2016

Where did your Federal income tax dollars go in 2015?

  The National Priorities Project recently broke down the United States $4.2 trillion dollar Federal budget detailing where your tax dollars were allocated. The majority of your Federal income tax dollars go to health programs, defense and interest on the national debt. In 2015, the average household paid $13,000 in Federal income taxes. CNNMoney (http://money.cnn.com/2016/04/18/pf/taxes/how-are-tax-dollars-spent/)  designed
  • 25 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
21Jul2016

Health Insurance Through the Marketplace Versus Employer Offered Health Insurance

    Article Highlights: Premium Tax Credit Employer “Offer” of Insurance Affordable Denial of Premium Tax Credit Form 1095-C One of the key provisions of Obamacare is the premium tax credit (PTC), which serves as a subsidy for the cost of health insurance for lower-income individuals and families. Although the credit is determined at the
  • 21 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
18Jul2016

Tax Consequences of Losing Your Job

    Article Highlights: Severance Pay Unemployment Compensation Health Insurance Employer Pension Plan Job Search Expenses Moving Expenses Home Sale If you have lost your job, there are a number of tax issues that you may encounter. How you deal with these issues can profoundly impact both your taxes and your finances. The following are
  • 18 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
14Jul2016

Short-Term Rental Income and Special Treatment

      Article Highlights: Airbnb, VRBO, and HomeAway Rented for Fewer than 15 Days During the Year The 7-day and 30-day Rules Exceptions to the 30-Day Rule Schedule C Reporting If you are one of the many taxpayers who rents out a first or second home using rental agents or online rental services (such
  • 14 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
11Jul2016

Tax Court Ruled Employer’s Independent Contractor Interpretation Reasonable

  Article Highlights: IRS Challenge Section 530 Relief Reasonable Basis Court Ruling One of the most challenging issues facing employers is whether a worker should be classified as an employee or an independent contractor. A case recently concluded in federal district court illustrates this point. An employer, Nelly Home Care, Inc., had classified a group
  • 11 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
07Jul2016

Do You Need a Mid-Year Tax Checkup?

  Article Highlights: Procrastination Can Lead to Unneeded Taxes & Penalties Events That Create Tax Problems & Opportunities Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax
  • 7 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more
07Jul2016

Scammers Impersonating IRS Agents Called You Yet?

  Article Highlights: Scams Impersonating IRS Agents Protecting Against Scams Protecting Against ID Theft What to Do If Your ID Has Been Compromised The Treasury Inspector General for Tax Administration (TIGTA) has indicated it is making significant progress in its investigation of the IRS impersonation scams that are sweeping the nation, causing reported taxpayer losses
  • 7 Jul, 2016
  • Jacqueline Cran
  • 0 Comments
Read more