If you are still putzing around with your taxes, it’s probably because you don’t have the funds to pay your obligation- and you’re stretching your imagination to come up with deductions. Sorry-you don’t have a TV show, so that $ 70K for Self-Styling Adorn to keep your one strand of hair curled about your head is not going to be a viable deduction.
Continue reading Really? You are still doing your taxes?
OK. The pandemic has changed our lives. Especially when it comes to the IRS.
First of all, the pandemic put a hold on IRS’ imposing penalties, fines, liens, and the collection of payments. But, on the 16th of July, all those restrictions disappear.
Continue reading The ides of April in July????
For those Americans who have come upon hard times, the choice to end their problems is almost always bankruptcy. Individuals who earn about the median for their area and can’t repay their debts can file Chapter 7. Assuming there is no lying or subterfuge in the application, one’s debts can be adjudicated and the taxpayer gets a clean slate. (Clean in that they owe no money- but they no longer have access to credit cards [for a few years, at least] and their credit history will reflect the bankruptcy.) Of course, one’s assets (over a certain value) are used to satisfy [that’s a legal term, you can bet the credits are NOT satisfied not receiving all that they owe) the creditors’ demands.
You did it! You held on for the seven posts. Today is the last one. Where we will learn about the changes to how long extensions may be (some are shorter and some are longer than before). Oh, and penalties- they’re going up. (Of course!)
Continue reading What Changes Affect My Filing Taxes in 2017 (Part VII)
Come on! You’ve made it this far. There’s only one more after today’s blog!
Today, we’ll discuss the changes that the IRS has made in collecting overdue taxes, how we’ll be able (or not) to request (and be granted) extended payment plans, and the changes in the filing dates for some taxes.
Continue reading What Changes Affect My Tax Filing in 2017 (Part VI)
Oh, good! I haven’t lost you yet. Even though there was a weekend separating all these sections.
Today, we’ll continue our discussion of Section 179 (this is depreciation, but of the sort that really lets us write off the entire- or most of- the capital costs in one fell swoop. Plus, the potential sea change in partnership rules that may affect many in an attempt to handle the new IRS method of auditing the partnerships.
Continue reading What Changes Affect My Tax Filing in 2017 (Part V)
I know, I know. You already hate reading about taxes. But, you really need to know about these changes. Today, we’ll continue with Part IV. (Here is a link to yesterday’s Part III.)
Continue reading What Changes Affect My Filing Taxes in 2017 (Part IV)
We’re not quite half-way throught yet. (The most recent update on our tax laws can be found here.) Today, we’ll talk about some exemptions from Obamacare, changes for employers (and when we’ll get their 1099s and W2s), plus changes to our social security taxes and overseas employment exemptions.
Continue reading What Changes Affect My Tax Filing in 2017 (Part III)
So, Monday, I started this 4000+ word piece on the changes that affect the tax laws and how filings are to be done this coming tax season. So, you will understand how (and why) to file your business or personal taxes. But, always paying the lowest amount of money required by law. Let’s continue!
Continue reading What Changes Affect My Filing Taxes in 2017 (Part II)
Over the course of this year, I’ve written (check the “Search” box on the right, with the keyword ‘Tax’ or click on the black band above and choose the “Taxes” section to find those articles) about the ridiculous way our (your?) Congress has acted to update our tax laws. By including tax code provisions in a highway bill, a mass transit bill, and a trade package bill- plus within the Bipartisan Budget Act and the PATH (Protecting Americans from Tax Hikes) Acts. (Those last two were, indeed, logical places to regulate taxes.)
Continue reading What Changes Affect My Filing Taxes in 2017 (Part I)
