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Steps to Minimize Damages From Identity Theft
Identify theft affects every aspect of its victims’ lives, and taxes are no exception. Fortunately, the IRS has resources dedicated to helping you minimize the damage related to the theft. However, in...
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The Deductibility of Payments to Retirement Homes
As the first baby boomers begin to retire, retirement home populations will soon begin to rise significantly. As a result, the tax effects of paying for retirement home care will become more and more...
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When Should A Couple File Taxes as Married Filing Separately?
Perhaps no major life event affects a taxpayer’s situation more than marriage. After saying “I do”, a taxpayer can no longer use the Single filing status. Instead, he or she must either file jointly...
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The Deductibility of Makeup and Other Personal Maintenance Expenses
Most, if not all, professional actors, actresses, and television personalities incur certain expenses to maintain their appearances. These expenses may include, but are not limited to, the cost of...
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The Exclusion of Employer-Provided Meals and Lodging from Wages
Many employers provide their employees meals, lodging, or cash allowances specifically designated for purchase of lodging or meals for various reasons. In certain situations, these employer-provided...
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The Tax Treatment of the Depreciation of Property Improvements
Many property owners make long-lasting improvements to their proprerty. These improvements can be made for a variety of reasons, including increasing the efficiency of the property, increasing the...
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How the 2012 Election May Affect Taxes
The presidential election is just over two weeks away, and one of the starkest differences between Barack Obama and Mitt Romney is their positions on taxes. Here’s a look at each candidate’s...
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Year-End Tax Planning for Small Businesses
Many small businesses feel anxious about the end of the year and the tax preparation obligations that it brings. This anxiousness typically stems from being unsure or unprepared. However, year-end...
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Cancellation of Debt Income
IRS Publication 4681: : http://www.irs.gov/pub/irs-pdf/p4681.pdf In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C, Cancellation of...
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The Tax Effects Of Gifts
The recent Christmas season saw many people exchange gifts. While most of these gifts are unaffected by tax law, some of these gifts have important and often unexpected tax effects. These tax effects...
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