For many folks, the lyrics of a 1960s rock song summarize the American dream: “Our house is a very, very, very fine house.” According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or condo may not be the best choice for every family in every situation. Renting offers…
What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? Your IRS Data Is Not Secure imageThe IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store…
What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? Your IRS Data Is Not Secure imageThe IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store…
The IRS has finalized Form 8917 (Tuition and Fees Deduction) and its instructions. The tuition and fees deduction expired at the end of 2017, but was reinstated by the Taxpayer Certainty and Disaster Tax Relief Act of 2019 for tax years beginning in 2018. The January 2020 revision of Form 8917 and its instructions will…
Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds are used to pay for qualified expenses, any…
It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need to support your claim to correct the tax…
Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and be aware of the risks….
The IRS recently released its 2018 Data Book, including information on its audit activities for the last fiscal year. This infographic details what you need to know regarding your audit risk, how to prepare for and what to expect in an IRS audit.
Whether you are hiring for the first time, filling an open position, or conducting annual performance reviews, finding a salary range that attracts and retains valued employees can be a difficult task. Here are some suggestions to help make the process a bit easier for you and your company: Hands holding cashKnow what your business…