If you get an email claiming to be from the IRS with an attached tax return transcript file, delete it.
Mike's weekly post usually concentrated on tax saving strategies.
Under the Affordable Care Act, eligibility for income-based Medicaid and subsidized health insurance, such as Covered California, through the marketplaces is calculated using the modified adjusted gross income (MAGI) of your household. Let's take a look at how this MAGI is different then the Adjusted Gross Income found on your tax return.
There’s no time left to procrastinate! Now is the time to make last-minute tax moves to save you some money. Here are ideas to consider:
Recent entertainment deduction clarification from the IRS stated that you may still deduct 50 percent of food and beverages during a business outing with clients as long as those items are paid separately from other entertainment expenses.
Starting in 2019, the penalty imposed on people who don't have qualified health insurance will go away. This penalty is still in effect through 2018, however.
The aftermath of a natural disaster can be devastating. Fortunately, there's a few major ways the tax code can offer relief to those affected by Hurricane Michael and other federally declared natural disasters.
Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach 70 ½, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts is pulled and a potential tax torpedo is launched.
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:
It's that time of the year to clean up your investment portfolio. Check out some year-end moves that might help your situation.
The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only if you qualify.