One of the positive effects of donating (money) to a charity is simply feeling good about giving. Your ability to give back to those in need helps you achieve a sense of satisfaction, it just feels good to help others. And, it can also reduce your tax bill — but only if the charity qualifies as a tax-exempt organization.
Hello fellow taxpayers,
Hello, Fellow Taxpayers, October 18, 2019 - The Social Security Administration has announced the following changes for 2020. Please feel free to share the information with folks that you know that are on Social Security, contemplating taking it or is making close to the SS wage limit. The data is important.
Resolve Your Back Taxes…8 Reasons to Work with a Certified Tax Resolution Professional When you owe money to the IRS, it is hard to think about anything else. While being in debt is never fun, no matter who the creditor is, the IRS enjoys almost unlimited power to collect the money they are due. Unlike your mortgage lender or credit card company, the Internal Revenue Service has the power to attach your wages, raid your bank account and even take your freedom....
Hello Fellow Taxpayers, Although this email is a little off schedule, I thought it was best to get this to you as soon as possible. In a recent USA Today article, several important dates mentioned, and I feel compelled to spread the word. Families looking for financial assistance to help with their children's college costs next fall can fill out the FAFSA (Free Application for Federal Student Aid) starting this month (October). The form is a critical reference point used to determine...
Throughout your life, there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are 16 Life-Changing events that can impact your taxes: Getting Married If you just got married or are considering getting married, you need to be aware that once you are married you no longer file returns using the single status. You generally will file as married taxpayers filing jointly (MFJ). Filing jointly will typically award you lower tax rates...
Hello Fellow Taxpayers,
Hello Fellow Taxpayers, For those of you who wait with great anticipation for my weekly emails, I am sorry that I did not prepare one last week. After a few days in Dallas where Ali and I attended our annual tax practice "enhancement" summit, I was back in town this past week (yes, a whole week). However, I head out to DC after the Labor Day holiday for the Internal Revenue Service Advisory Council's late summer meetings (IRSAC). For those of you...
Hello fellow taxpayers, This week I am going to provide some information regarding rental property or rentals. The subject has recently come up with a few of my new clients whose multi-year returns I just completed. One has to do with renting out their one-time principal residence, and the other is related to not being able to deduct any losses related to the rental property.
