Tag - tax

Salvage Your Sunken Uncollectable Debt

Salvage Your Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS [...]

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Fall is here! September 28, 2018

Hello, my fellow taxpayers, Now that it is officially Fall (actually, it began on the 21st), Autumn, or the Autumnal Equinox (“mid-autumn”) and if you are like me, you are wondering where the cooler weather is. Today, on the east coast, we reached the low 90’s while it feels like it is 100+ with the humidity. I was hoping to wear a “fallish” sports coat and suit for my two speaking engagements on the west coast of Florida this weekend. [...]

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IRC §199A- August 10th

   Hi, my friends,   I am still alive and kicking. Why do I say that? It is because I have been in the office all week and my staff has not murdered me, yet. Also, I have been moaning and groaning the last 18 hours as the IRS issued three documents of 184 pages, 14 pages, and two pages respectively related to an important part of the Tax Cut and Jobs Act, which was 11,000+ pages itself. This part called IRC §199A relates [...]

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Always a Deadline It's Not Just About April 17, SFS Tax and Accounting

It’s Not Just About April 17th: IRS Tax Deadlines Happen All Year Long

A lot of focus and attention is paid to April 15th (17th this year) as the big tax deadline. What many people don’t realize – and tax preparers are painfully aware of – is that there are tax deadlines all throughout the year. Individual Tax Deadlines The IRS expected 15 million people to file for an extension this year as reported by the New York Times on April 17. Are you one of them? If so, your 2017 tax return is due October [...]

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Top Five Tax Myths – and the Truth!

It doesn’t matter what your friend’s cousin’s co-worker said. When it comes to taxes, it’s best to get the word from a credible source. In 2016 the Washington Examiner reported there were 74,608 pages in the federal tax code. Some of these pages are the tax code itself. Some are written about the tax code and case law that are important to be aware of as well. Two years later, you can bet there are even more pages to contend with. So it’s [...]

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Rushing on Your Taxes? The IRS Recommends Filing an Extension if You Need One, SFS Tax & Accounting

Rushing on Your Taxes? The IRS Recommends Filing an Extension if You Need One

With about a week to go on filing your 2017 tax return, you may be breaking speed records to try to get it done on time. But did you know that the IRS recommends that you file for an extension if you need one? It’s better to file for an extension than to hurry through the return and make a mistake. Mistakes not only cause stress, they may also cost you money. Here are common errors that taxpayers make: Mailing a paper return [...]

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FOF?!?- March 15, 2018

Hello Ali, Happy Ides of March! Julius Cesar’s last act was not to heed the warnings of his impending assassination that was prophesied by a seer, and you know how that story ended. About the subject line FOF. You know how we tax people like our acronyms. IRS, OIC, IA, PPIA, IRM, IRC and on and on it goes. Now I have another one: FOF… What is FOF? It is Fear of Filing!!! What does FOF have to do with Julius Cesar? A [...]

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