The number of Americans struggling with high debt is increasing, according to the U.S. Federal Reserve. U.S. household debt reached a new record this spring, the central bank said, with the average indebted household owing more than $16,000 on their credit cards. Seeking debt forgiveness from...
Volcanoes, earthquakes, and sonic booms. Fires, floods, and storms. Terrorism, vandalism, and car accidents. All of these fall under the U.S. tax code definition of “Casualty Losses,” and your losses due to these events may be tax-deductible. Tax Code Definition According to the IRS, a casualty loss...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Normal due date: Thursday, June 15th 2017 Remember you are required to withhold...
The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2018. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax-advantaged savings account to pay for qualified health care costs...
In 2012 my Social Security was launched to allow online access to your Social Security account. To date, over 30 million Americans have created an account. Effective June 10 there will be a second way to authenticate your identity and gain access to your online...
You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited; If the...
Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Listed here are a number of income items that the IRS does not tax. Tax-free interest. The federal government does not tax municipal bond interest. This includes...
Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis as: The amount of your capital...
The Internet has put virtually unlimited information at our fingertips. And yet, much of the information about our government and tax system available online often reflects the bias of one group or another. If only there was a way to see important data uncolored by...
In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions in uncollected...
