Archive

20May2019

Tax Issues Related to Divorce

    Article Highlights:  Family Court Division of Property Spousal Buyout Debt Filing Status Joint and Several Liability Claiming the Children as Dependents Head of Household Filing Status Higher Education Tuition Credits Child Care Credit Child Tax Credit Earned Income Tax Credit Alimony Child Support Conflict of Interest Divorce is a traumatic event in anyone’s
  • 20 May, 2019
  • Jacqueline Cran
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16May2019

Protecting Yourself from Scams, ID Theft, and Cyber Criminals

    Article Highlights:  ID Theft What’s in Your Wallet or Purse Phony E-mail Pop-up Ads Only Access Secure Websites Avoid Phishing Scams Security Software Educate Children Passwords Phony Charities Impersonating the IRS Back Up Files If It Is Too Good to Be True As much as the Internet has changed our lives for the
  • 16 May, 2019
  • Jacqueline Cran
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13May2019

Tax Benefits for Members of the Military

Article Highlights: Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Pension Withdrawals Retired Military Disability Compensation Military
  • 13 May, 2019
  • Jacqueline Cran
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09May2019

The Tax Benefits of Going Green

Article Highlights:  Refundable vs. Nonrefundable Credits Home Solar Credit Solar-Power Tax Credit Phaseout Is Solar Worth the Expense? Homeowner vs. Home Resident Solar Additions Leased Solar Systems Plug-in Electric Vehicles Multiple Vehicle Purchases Personal Tax Credits General Business Credits Congress uses tax deductions and tax credits to influence taxpayers’ actions. For instance, it seeks to
  • 9 May, 2019
  • Jacqueline Cran
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06May2019

So, You’ve Made a Mistake on Your Tax Return. What Happens Now?

  Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you’re filing your taxes yourself — and all of this is in reference to a fairly normal year as far
  • 6 May, 2019
  • Jacqueline Cran
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01May2019

Read This Before Tossing Old Tax Records

    Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are
  • 1 May, 2019
  • Jacqueline Cran
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29Apr2019

May 2019 Tax Due Dates

    Individual Due Dates   May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold
  • 29 Apr, 2019
  • Jacqueline Cran
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19Mar2019

Checking the Status of Your Federal Tax Refund is Easy

    Article Highlights: Your federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My
  • 19 Mar, 2019
  • Jacqueline Cran
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22Feb2019

Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership

    Article Highlights: Pre-Tax Reform Home Mortgage Interest Deduction Home Acquisition Debt Home Equity Debt Tax Reform Mortgage Interest Deduction Changes Home Acquisition Debt Home Equity Debt Tracing Equity Debt Refinancing Property Taxes As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest
  • 22 Feb, 2019
  • Jacqueline Cran
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18Feb2019

Increased Business-Vehicle Deductions Due to Tax Reform

Article Highlights: Annual Mileage Optional (Standard) Mileage Method Actual-Expense Method Vehicle Depreciation Luxury-Vehicle Limits SUVs Interest Expenses Business-Vehicle Sales or Trade-ins Employees Plug-in Electric Vehicle Credits The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before
  • 18 Feb, 2019
  • Jacqueline Cran
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