Article Highlights: MarriageBuying a HomeHaving or Adopting ChildrenGetting DivorcedDeath of Spouse 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 a few of those events: Getting Married – If you just got married or are considering getting married, you need to [...]
Article Highlights: October 15 is the extended due date for filing federal individual tax returns for 2018.Late-filing penalty Interest on tax due. Other October 15 deadlines. If you could not complete your 2018 tax return by the normal April filing due date and are now on extension, that extension expires on October 15, 2019. Failure to [...]
Article Highlights: Purchase CostsPointsMortgage PaymentsProperty TaxesInflationGain ExclusionRenting Versus Owning Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. While purchasing, people may contact real estate agents Charlotte or near their neighborhood to gain an insight on the average price in [...]
Article Highlights: Matching SeasonIRS LettersFake LettersDemand for Immediate Payment Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by [...]
Article Highlights: Tax-Free Income from Working AbroadForeign Earned Income and Housing ExclusionsForeign Self-Employment IncomeClaiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude [...]
Article Highlights: Tax ReformUnderpayment PenaltiesW-4 Modifications for 2020Withholding EstimatorPenalty Abatement Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of [...]
Article Highlights: IRS FocusAbout CryptocurrencyTax Treatment IRS Compliance ProgramLetters Being Sent If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it [...]
Article Highlights: Tax Loss for a Security Sold or That Is WorthlessProving Worthlessness Selling a Worthless Stock by Year-endBrokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of [...]
Article Highlights: Trading in a VehicleSelling a VehicleGifting a VehicleDonating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don't. These options include trading the car [...]
Article Summary: Foreign Account Reporting RequirementFinancial Crimes Enforcement NetworkPenalties for Failure to FileType of Accounts AffectedForm 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 filing FinCEN Form 114 if the aggregate value of the accounts [...]
