Business Versus Hobby
Business versus hobby? Why does that matter? Because there is a tax impact, that’s why. Are you tired of the rat race? Are you ready to make the American dream a reality? Congratulations, you live in … Read More
Wrong Tax Forms Issued – Massachusetts Retirees
Wrong Tax Forms were issued on January 21, 2016 to over 50,000 Commonwealth of Massachusetts Retirees. What happens if I file with the wrong tax forms? About 50,000 Commonwealth of Masachusetts retirees received the wrong tax … Read More
Selling Your House Tax Reporting
Selling your house may be bittersweet with all your memories being handed off to a stranger. Maybe selling your house comes with the jubilation of not having to spend your weekends fixing something. Whatever the case, houses … Read More
Deadline Changes: Congress Did Something Right
Deadline changes for various filings have been made by congress. But wait, has anyone seen any pigs flying lately? Well, they are about to because the deadline changes make perfect sense. Your regular 1040 tax return … Read More
The Future of Obamacare
The future of Obamacare is always in question. So I am going out on a limb on this one. Usually I play it safe as a Monday morning quarterback when it comes to our tax updates … Read More
60-Day Rollover
60-Day Rollover rule was part of the IRA rollover rules that have been clarified. Unfortunately, they are now more heavily restricted. The IRS limits one rollover from an IRA to another IRA in any 12-month period. … Read More
Are Legal Expenses Tax Deductible? Part 2
Legal expenses were discussed in our last blog which were more related to the person opposed to the business. In this blog, we will discuss legal expenses associated with business and the production of taxable income, … Read More
Are Legal Fees Tax Deductible? Part 1
Often the question comes up are legal fees deductible? The answer to that question can be both yes and no. It’s complicated and depends on the nature of the legal expense. This two part blog will … Read More
Unpaid Debt Can Take Your Tax Refund
Do you have unpaid debt? As the tax season approaches, you may be get excited about your potential tax refund. But you never thought your unpaid debt would take a chunk out your tax refund. That … Read More