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????
So, the CARES act. All those little changes. Today, we’ll talk about a few we haven’t really discussed.
Continue reading The CARES Act Still cares!
I’ve discussed the economic stimulus payments, but there’s a vagary that many not realize. And, the deadline is Wednesday- at noon (no idea if that is EDT or PDT).
Here we go again!
Another article in the Wall Street Journal that indicates it has stopped providing analysis and depth in news reporting. And, you can bet that a bunch of other papers will use the same basic facts that will mislead you. (Since I wrote that sentence, it has come true- I’ve added the “pack’s” comments below.)
Continue reading Again? Really?
Qualified Business Income.
I’ve written about this before. Most recently this past June. So, why am I writing about this again?
Continue reading QBI gets ‘formified’
OK. So, everyone has finally filed their 2018 taxes.
What? You haven’t? Well, if you received a W-2 or a 1099, that is the absolutely most likely method to find yourself a target for the IRS. Because the system is designed to match every 1099 and W-2 filed with a tax return. And, if you received a 1099 showing you earned $ 20,000 in income- and you haven’t filed your taxes, you can expect a bill from the IRS for at least $ 4000. (You would receive a CP2000 Automated Underreporter [AUR] Notice from the IRS.) Not that you owe that much- because you probably have expenses to counterbalance that revenue – but because the IRS wants to scare the living daylights out of you.
Continue reading Who’s that knocking at the door?
Here it comes again! More phake phishing eMails purported to be from the IRS.
Continue reading Don’t be a sucker!
The GOP has done a number on the IRS.
One would think that the IRS was a Democratic Party stronghold by the way they’ve cut funding to the agency. (I guess it’s like TheDonald alleging that the GOP members of Mueller’s investigatory staff all miraculously changed parties from the GOP to effect the investigation of TheDonald’s obstruction of justice.)
Continue reading The Taxman Cometh- NOT!
Now that tax season is over, I can talk about some of the interesting situations that obtained in previous years.
Continue reading Dependents Dependence
