IRS Erroneously Denies Educator Deduction Claims

During its annual review of the tax filing season, the Treasury Inspector General for Tax Administration (TIGTA) discovered the IRS was incorrectly denying educator expense deductions for some taxpayers. The deduction In 2014, qualified educators could reduce their income by up to $250 for classroom related expenses. This deduction is… Read More

B-Corps; What are They?

Kickstarter, a popular crowdsource company that helps new inventors raise money to fund their creative projects, recently announced they are becoming a Benefit Corporation. While many of us may not know what this means, the move by Kickstarter is becoming more popular. Here is what you need to know. Benefit… Read More

Preview Key 2016 Tax Figures

  While official numbers for 2016 are not yet released by the Internal Revenue Service (IRS), many figures are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor. Using the release of recent CPI figures, a… Read More

Understanding the Home Gain Exclusion

When is a tax planning session essential? For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out… Read More

They’re Out to Get You…Really

States are creating laws that snag taxpayers everywhere New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. A Florida widower with income, marries a retired woman who lived in Utah for… Read More

Inherit Property? Read This!

New IRS reporting rules impact anyone receiving property Sometimes tax laws create a natural conflict of interest among taxpayers. Establishing property values in an estate after someone dies is an area that creates this conflict. A new tax law is now in place to address this problem. Here is what… Read More

Reminder: 3rd Quarter Estimated Tax Payment Due

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Normal due date: Tuesday, September 15, 2015 Remember you are required to withhold at least 90%… Read More