Can You Deduct a Home Office, and Is It Worth It?

Article Highlights: Qualifications Employee Issues Method Options Income Limitations Relocation “Home office” is a term used to describe the tax deduction for the business use of your home, which may or may not be an office. It is often misunderstood and claimed by those who don’t qualify for it or not claimed to the taxpayer’s [...]

By | 2017-07-17T23:38:36+00:00 July 17th, 2017|Categories: Uncategorized|0 Comments

Borrowing Money to Finance an Education?

Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your education or the education of your spouse or children, you may wish to take advantage of the available tax benefits. If you itemize your deductions and have sufficient equity [...]

By | 2017-07-13T23:39:35+00:00 July 13th, 2017|Categories: Uncategorized|0 Comments

Is Solar Energy Right for You?

Article Highlights:  Solar Electric System TV Ads Do You Really Need One? System Cost Financing Solar Tax Credit Home Mortgage Interest It seems like you can’t watch TV these days without being exposed to home solar ads touting free electricity and big tax credits. Be careful, as these savings and tax credits may not be [...]

By | 2017-07-05T15:59:47+00:00 July 5th, 2017|Categories: Uncategorized|0 Comments

Thinking of Tapping Your Retirement Savings? Read This First

Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money from a traditional IRA or qualified retirement account, you will likely pay [...]

By | 2017-07-03T16:30:49+00:00 July 3rd, 2017|Categories: Uncategorized|0 Comments

Expenses From Looking For Work May Be Tax-Deductible

Article Highlights: Schedule A Travel Expenses Résumé Preparation Job-Placement Services Unemployment Income Health Insurance If you are looking for work, some of the expenses you incur may be tax-deductible, provided that you are looking for work within the same field. Unfortunately, expenses incurred when searching for a job in a new field or a first [...]

By | 2017-06-30T20:04:11+00:00 June 30th, 2017|Categories: Uncategorized|0 Comments

Can’t Pay Your Tax Liability

Article Highlights: Failure to File Failure to Pay Borrowing from Family Home-Equity Loans Credit Cards Installment Agreements Pension Plans If you are unable to pay your tax liability for 2016, here is some information that you need to know. Most importantly, you should not let your inability to pay your tax liability in full keep [...]

By | 2017-06-23T19:22:25+00:00 June 23rd, 2017|Categories: Uncategorized|0 Comments

Tax Implications of Crowdfunding

Article Highlights: Crowdfunding Sites Gifts Charitable Gifts Business Ventures SEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. [...]

By | 2017-04-17T21:19:54+00:00 April 17th, 2017|Categories: Uncategorized|0 Comments

GOP Unveils Its Obamacare Repeal and Replacement Legislation

Article Highlights: Repeal of Individual Mandate Repeal of Employer Mandate Recapture and Repeal of the Premium Tax Credit Catastrophic Insurance Refundable Tax Credit for Health Insurance Health Savings Accounts Medical Deduction Income Limitation Repeal of Net Investment Income Tax Repeal of FSA Contribution Limits Repeal of Increased Medicare Tax Other Provisions On March 6, the [...]

By | 2017-03-29T18:38:02+00:00 April 12th, 2017|Categories: Uncategorized|0 Comments

Important Due Date: Foreign Account Reporting Requirements (FBAR)

Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by fling FinCEN Form 114 by April 18, [...]

By | 2017-03-29T17:57:55+00:00 April 10th, 2017|Categories: Uncategorized|0 Comments

Don’t Be Scammed By Fake Charities

Article Highlights: Fraudsters Urgent Appeals Tips to Avoid Scams & ID Theft Cash Contribution Tax Documentation Each year at this time, the IRS publishes its list of the “dirty dozen” tax scams. Among the dirty dozen are groups that masquerade as charitable organizations to attract donations from unsuspecting contributors. Before you write a check, be [...]

By | 2017-03-29T17:32:53+00:00 April 5th, 2017|Categories: Uncategorized|0 Comments