Article Published by: money.usnews.com Most investors understand how taxes apply to capital gains, dividends and interest. But those accustomed to mainstream assets like stocks, bonds and funds can be surprised when they get off the beaten path with Treasury inflation-protected securities, zero-coupon bonds, S corporations and...
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Article Published by: mjscpa.com It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe...
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Article Published by: cnbc.com *The Tax Cuts and Jobs Act eliminated the deduction for investment expenses, starting in 2018. *Fees for investment costs were deductible as a miscellaneous itemized deduction, to the extent they and other costs exceeded 2 percent of your adjusted gross income. *To contend with...
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Article Published by: mjscpa.com Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay...
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Article Published by: taxpayeradvocate.irs.gov Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All personal details are removed to protect the taxpayer’s privacy. A taxpayer under...
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Article Published by: cnbc.com Alimony payments for divorces finalized after Dec. 31 will no longer be tax deductible under the Tax Cuts and Jobs Act. Because some states require six months for a divorce to be finalized, you need to get your divorce proceedings started now...
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Article Published by: mjscpa.com Three Common Types of IRS Tax Penalties Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types of...
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Article Published by: bankrate.com The stars have aligned, and finally you’re set to collect a meaningful bonus for your hard work. Now you can take that vacation you’ve dreamed of, pay off a loan or help build your savings. Or can you? The answer depends in part...
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Article Published by: marketwatch.com Say you have an unincorporated sideline activity that you think of as a business. If your expenses from the activity exceed your revenues, you have a net loss. You may think you can deduct that loss on your personal federal income tax...
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Article Published by: taxpayeradvocate.irs.gov Effective Use of the Offer in Compromise (OIC) Program Will Save Valuable IRS Resources While Bringing Finality to Taxpayers When a taxpayer can’t afford to pay a tax liability in full, Internal Revenue Code (IRC) § 7122 authorizes the IRS to accept...
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