Tax identity theft is when someone illegally uses your social security number (SSN) to file a fraudulent tax return in your name. Thieves do this in order to steal money from the United States Treasury in the form of a tax refund on your behalf. These are typically not individual thieves, rather organized criminal enterprises … Read more
Passive income: Something that every investor strives for because what better income is there than income earned by doing nothing at all. Publication 925 defines passive activities as trades or businesses in which you do not materially participate in, such as businesses that you do not manage or operate yourself, investments, and real … Read more
When most people hear the world gambling, they automatically think of Las Vegas and casinos. However, when the IRS thinks of gambling, they refer to all different forms of gambling such as horse races, casinos, sports betting, raffles, and lottery winnings. Additionally, gambling winnings can come in different forms as well. For example, cars, trips, … Read more
Are you saving for college, currently paying tuition, or paying on a student loan? Or do you have children that may go to college in the future? If so, there is probably a tax break for you. Higher education can be very expensive, but there are ways to possibly get some of your money back … Read more
Do you have a vacation home you only use for part of the year? Would you like to utilize this home for extra income, but are not sure how to do it correctly? We can help you! If qualified, you may prorate any expenses incurred between personal and rental use. The tax benefits receive are … Read more
Headlines about recent bank failures may have depositors feeling uneasy about their money and questioning how much control they really have over their deposits once they drive off from the bank. Below, are five steps that depositors can take to better protect themselves and their funds in todays financial climate. Verify that the bank is … Read more
Saving for retirement is an essential part of financial planning that can provide tremendous benefits, especially if done correctly. There are a multitude of different accounts and plans, each with their own benefits, costs, and rules which must be taken into consideration. At some point, you may find yourself transferring funds from one retirement account … Read more
Trying to get the biggest tax break is not easy in todays times, especially when you earn a higher income. The good news is that claiming your dependents is a great way to help you get that tax break that you deserve. Lets start by defining what a dependent is. A dependent is someone who … Read more
According to the IRS, when someone gives another person money and does not receive full consideration in return, they are making a gift. Full consideration is the fair amount of compensation that would otherwise be paid if the parties were not related. Gifts are considered income to the recipient and are subject to taxation. A … Read more
If it turns out you owe the IRS but cannot pay your taxes all at once when due, you may request an IRS Installment Agreement (or payment plan) to pay your debt over time. What Are My Options? Depending on how much you owe and your financial situation, there are several common types of IRS … Read more