Get Help When Responding to an IRS Notice
Have you received an IRS notice? If you want help responding, you may need to grant authorization so the IRS can discuss the matter with a representative of your choice. […]
Harvest Gains or Losses at Year-end
From a tax planning perspective, the end of the year is the “season of the harvest” for capital gains. Harvesting means you analyze your portfolio, determine your tax situation, and […]
Disasters Involve Tax Decisions
As you begin the process of recovering from a natural disaster, you’ll eventually have some tax decisions to make. One of them includes when to claim the deduction for the […]
Tax Impact of Investor vs. Trader Status
If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade […]
To Deduct Business Losses, You May Have to Prove “Material Participation”
You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only […]
Now’s the Time to Start Thinking About “Bunching” Miscellaneous Itemized Deductions.
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into […]
Property Tax Assessments
Property taxes often represent a significant chunk of an owner’s annual expenses. Yet many taxpayers simply accept the billed amounts calculated by their assessors. That might not be wise, as […]
Does a Prepaid Debit Card Make Sense for You?
For several years now, financial institutions have been touting prepaid debit cards (also known as stored-value cards) for the millions of Americans who lack traditional checking accounts. Governments have used […]