IRS Tax Rules For Imputed Interest
If you ever lend people money, you’re going to want to know about this one IRS rule that may make you liable to paying more taxes than you realize. The IRS expects […]
Tax Advice
Tax Difference Between Incentive Stock Options And Non-Qualified Stock Options
Congratulations, you’ve got a job with stock options! Now you’re wondering how this affects your taxes. What are Stock Options? Stock options are the right to buy shares of company stock at […]
California Residents Receive A Tax Extension
Record breaking winter storms took to the state of California in the early parts of this year. As a result the IRS has given CA residents an extension to the tax deadline […]
Gift Tax: What Is It?
Many people look forward to both giving and receiving gifts. However, many fail to consider the potential tax implications associated with larger gifts. In the United States we have a federal tax […]
Top 4 Questions Asked This Tax Season
You have questions? We have answers! This tax season we saw the same questions asked over and over again. To help you out, we are going to answer the top four questions […]
When Does Capital Gains Tax Apply?
Capital gains taxes are a critical aspect of tax law that every taxpayer must understand. A capital gain occurs when an individual or corporation sells an asset for more than they initially […]
$1 Spent in Your Business Isn’t $1 Saved on Taxes
Just because something is a business expense, doesn’t mean it’s free money. The goal in every business should be to keep your money, not spend it. Spending money to save it on […]
New IRS Tax Extension For California Storm Victims
After the recent storms in California, the Federal Emergency Management Agency declared that individuals and businesses that were affected by the storms now qualify for an extension on various tax returns. The […]
Who Can You Claim as a Dependent on Your Taxes?
One of the biggest questions people have when it comes to doing their taxes is, “who can I write off as a dependent and how do I do it?” WHO QUALIFIES AS […]
When Are Medical Expenses Tax Deductible?
Medical expenses can seem like a burden to some people, and it is often confusing on whether or not you can deduct them from your taxes. In order to be able to […]
Is Traditional or Roth IRA Better?
The average American has less than $110,000 saved before they retire. This gives most retired Americans less than three years to live off of. If you want to boost your retirement account […]
Have You Received A 1099 For A State Disaster Relief Payment And Wonder If It’s Taxable?
Both individuals and tax professionals have been confused recently regarding federal tax status on special payments in 16 states. On Friday, the Internal Revenue Service provided details regarding this confusion. Here’s everything […]