Blog

New Tax On Lawsuit Settlements — Legal Fees Can’t Be Deducted

Many plaintiffs will face higher taxes on lawsuit settlements under the recently passed tax reform law. Some will be taxed on their gross recoveries, with no deduction for attorney fees even if their lawyer takes 40% off the top. In a $100,000 case, that means paying tax on $100,000, even if $40,000 goes to the […]

Private Collection Company

If a private collection company contacts you on behalf of #IRS, here’s how to find out if it’s legitimate. Trust me you will already know if you owe the IRS money.  Do not fall for anyone calling you as a scam.  If you get a call from someone saying you owe money and you have […]

Tax Cuts and Job Acts

https://www.congress.gov/115/crpt/hrpt466/CRPT-115hrpt466.pdf This link will take you to the new Tax Cuts and Job Acts Bill being signed by our president

Long History of the Enrolled Agent – Expanded Role of the Enrolled Agent

Long History of the Enrolled Agent It was at this 1973 convention that Vice President Lee Wurst shared the research he had uncovered on the long history of the enrolled agent. Enrolled agents were first recognized on July 7, 1884 by an Act of Congress signed into law by President Chester A. Arthur, which came […]

Let’s Talk Taxes – Home Office Deduction

Let’s Talk Taxes – Home Office Deduction You’ve decided to start a small business working out of your home. Life is great and you can’t beat the commute. Now, how will this affect your income taxes? Can you deduct expenses for use of your home? The answer is that it depends…on a lot of things. […]

Let’s Talk Tax – IRS Notice

  Let’s Talk Taxes Greetings from the IRS   You’ve just picked up your mail and … uh oh, there among the ads, bills and too numerous offerings for credit cards is that official looking letter from the Internal Revenue Service. A feeling of dread comes over you…but don’t panic or toss it, and please […]

Let’s Talk Tax – Non Filer

  Let’s Talk Taxes Solace for the Non-filer   Has it been awhile since you filed a tax return? Feeling guilty? Scared? Don’t know what to do? Do you even need to file? Many people become non-filers each year for a number of reasons. They lose the paperwork, they couldn’t pay, or they forgot about […]

Let’s Talk Tax – IRS Radar

Let’s Talk Taxes Staying off the IRS Radar Screen   Nothing strikes terror in the heart of the American taxpayer quite like finding a letter in the mailbox from the IRS! In an effort to help you avoid that unpleasant scenario, provided below are examples of some common pitfalls to avoid if you don’t want […]

Let’s Talk Tax – Donations

Let’s Talk Taxes Tis the Season to be GIVING …..   Face it, you’ve been putting it off all year. Maybe you have to turn sideways to get in the storage room or have given up on parking your car in the garage. Well, it’s the end of the year and now you have a […]

Let’s Talk Tax – Tax Shelters

  Let’s Talk Taxes The Best Tax Shelter around—your Personal Residence! If you’re a homeowner, Uncle Sam has thrown you a tax shelter that’s beyond compare. You may deduct the mortgage interest paid on your annual tax return and deduct the property taxes on your Schedule A. If you don’t currently own a home, this […]