Settling Your Tax Debt with the IRS
Individual taxpayers who are unable to meet their tax obligations can try to resolve matters through the IRS's offer-in-compromise (OIC) program. However, the IRS can refuse such a request — [...]
An “Innocent Spouse” May Be Able to Escape Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the [...]
Avoiding the 10% Penalty On Early IRA Withdrawals
For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]
What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called "gig economy," also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers [...]
Estimated Tax Payments: Who Owes Them and When Is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive [...]
Always Question Owner’s Compensation in Divorce
Divorce is more complicated when either spouse owns a private business interest. In these cases, a settlement is only as reasonable as the value of the business and the compensation [...]
Interested in an EV? How to Qualify for a Powerful Tax Credit
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars [...]
Good News: IRS Boosts Standard Mileage Rates for Second Half of 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps [...]
How Disability Income Benefits Are Taxed
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income [...]
Tax News for Individual in 2022
Involved in Crypto? Here Are Some Tax Issues It's a simple "yes" or "no" question, but you must answer it on your Form 1040 or Form 1040-SR: At any time [...]
Social Security benefits: Do you have to pay tax on them?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be [...]
2022 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may [...]
How Tax Reform Affects Divorce Settlements for Small Business Owners
How does the Tax Cuts and Jobs Act (TCJA) affect divorce settlements? Changes in the new law may require divorcing individuals — especially those who own businesses and other investments — [...]
IRA Charitable Donations: An Alternative to Taxable Required Distributions
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an [...]
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to [...]