Tax Preparation and Consulting, Financial Counseling and Education
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This question often comes up when a military landlord owned and lived in a property, transferred away (PCS) for a few years and converted the property to a rental. Then the military landlord returns to the area and wonders if it is a good idea to move back in or not. There are at least …
If a debt is forgiven or discharged for less than you owe, the amount of debt that you don’t have to repay is considered to be cancelled. Cancelled debt can happen if the creditor or lender can’t collect, or if they have given up on collecting. Since in theory at least, having your debt cancelled …
Just like many areas around this topic, this can get messy. I’ll summarize, but if you are preparing your own tax return, the IRS has an entire publication for this that you should consult, Pub 504. There can be several filing options. The starting point on determining which options are available is whether the taxpayer …
No one wants to be on the IRS naughty list or have any issues with the IRS. Over the course of our lives we learn a few practices to help us avoid problems or at least reduce how bad a problem may become. For example, I refill my gas tank when it reaches ¼ of …
I know I have a lot of value as a tax professional. But some taxpayers can and are willing to do tax prep themselves. But how do you know that you should? Here are some things to consider. If you would like to speak to me about what value I can bring to your tax …
Unfortunately under current law there are more limited opportunities for to deduct travel expenses. But for the taxpayers that qualify, this can provide substantial tax savings. You can read about deducting travel expenses here.
Some taxpayers may have received too much in advance child tax credit payments. Others may have received too little. In some cases the taxpayer who will be claiming the child for tax year 2021 wasn’t the same taxpayer who received the advance payments. The child tax credit changes for 2021 sound simple enough at first …
In my view the Child and Dependent Care Credit 2021 changes didn’t get as much media coverage as they deserved. Perhaps the focus on the Advance Child Tax Credit Payments overshadowed the Child and Dependent Care Credit changes. For some taxpayers the Child and Dependent Care Credit will actually have a bigger impact on their …
New gig workers and self employed individuals can be surprised by the increased complexity of their tax returns. Sometimes understanding the changes are difficult. Here are a few tax tips for gig workers and the self employed.
Many taxpayers have experienced the frustration of a tax refund taking longer to reach us than we would like. Most taxpayers do receive their refunds within 21 days. And some delays are relatively normal. But what if it is simply taking too long, what should you do? You can get some tips by reading here.