Innocent Spouse Rule – (formally under 26 USCS §6013(e)) – A hardship prevention measure when one spouse (the non-innocent spouse) doesn’t report income, thereby leaving the remaining “innocent spouse” to pay deficiencies. Generally, when married couples file a joint tax return, they
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Roth IRA contributions are made with after-tax dollars or through a 529 rollover starting in 2024. Generally, eligibility of contributing to a Roth IRA is based on your income and type of income. Generally, as a single person, your Modified Adjusted Gross
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Business Tax advisory and tax preparation Tax preparers are NOT tax advisors, so know the difference Almost all tax preparers do not provide meaningful tax advisory and planning, they simply prepare tax returns as quickly as they can with minimal surface-level advice
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2017 Tax Changes removed the ability to reduce income based on unreimbursed expenses. Taking an expense approach with a home office may leave you with a future tax bill for depreciation recapture. An Accountable plan allows business owners to reduce business income,
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Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and software bought or financed during the tax year, up to a specified limit Often Confused with “Bonus Depreciation,” albeit there are different benefits
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An open and transparent list of fees and offerings is important to understand your investment in reaching a resolution, and thus, you can anticipate the following fee schedule starting with tax advisory services, followed by tax resolution services. Initial Meeting for Personal
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As of late 2024, employees generally can’t expense (write off) work related expenses and cost nearly to the level of business owners. Some exceptions do apply, including if the use of a home office is for the convenience of the employer. Sadly,
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Regarding the proposal to tax unrealized capital gains— A recent thread discussing this within a FB group I follow had a comment that the tax on property is akin to the proposal of taxing unrealized capital gains and I pointed out the
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Updated September 2024 The rise of short-term rental platforms, including Airbnb and Vrbo has changed and revolutionized the real estate market, giving rise and opportunity to a potentially lucrative sector (along with many pitfalls): short-term rentals. For many investors, the appeal of
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Tax Resolution is finding mutually agreeable resolutions to past tax debts Offers in Compromise is settling a tax debt for less than you owe Installment Agreements are paying either some or all of your tax debt over time. Back-door Offer in Compromise
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