If you spend much time in a casio, it’s important to be aware of gambling and tax traps that can occur. Although gambling may seem to be a recreational activity for many taxpayers that is not the case concerning the government. They look at it as a source of tax revenue. And as one might …
Tax Central
If You Have A Side Hustle, Be Advised: The IRS Is Cracking Down
If you have income coming in from a side hustle, be aware that reporting requirements have changed. For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants …
If You Have A Side Hustle, Be Advised: The IRS Is Cracking DownRead More
Costs For Installing Medically Related Home Improvements Have Tax Benefits
Have you ever considered the deductibility of installing medically related home improvements? If you are adding some medically related home modifications this year, you should. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. As of 2018, 16% of Americans were age 65 or older. And by …
Costs For Installing Medically Related Home Improvements Have Tax BenefitsRead More
Should You Opt Out of The Advance Child Tax Credit?
Questioning if you should opt out of the advance child tax credit? If you have children under the age of 18, you might have already received your first payment. Remember: this is money you would have gotten credit for on 2021’s tax return when you file it next year. You are just receiving it in …
Should You Opt Out of The Advance Child Tax Credit?Read More
Is There a Tax Deduction for Special Education Tuition?
Is there a tax deduction for special education tuition? And how do you know if a special education school qualifies for that tax break? These questions come into our offices every year – so we wanted to share what the IRS has to say. We all know one component of itemized deductions is the cost …
Is There a Tax Deduction for Special Education Tuition?Read More
Is Interest Paid on Borrowed Money Tax Deductible
Curious about how the interest paid on borrowed money? For example, if you borrow money will the interest you pay be deductible for income tax purposes? The deductibility of loaned money is complicated. And unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and depend on what the …
Considering a Reverse Mortgage? First Learn the Tax Treatment
If you’re debating a reverse mortgage to free up money, this article may help. With inflation on the rise and medical care costs escalating, you may wonder what options are available for seniors to keep up with rising costs? Especially if they have a home mortgage and their retirement income is fixed. Often a fixed …
Considering a Reverse Mortgage? First Learn the Tax TreatmentRead More
It’s Time to Reconcile Advance Child Tax Credit and EIP – IRS Letters 6419 and 6475 Can Help
Use IRS Letters 6419 and 6475 to help reconcile your tax return in 2021. Early in 2021 Congress passed the American Rescue Plan. This plan included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. However, …
Congratulations, Scott Nissen, EA, and newly credentialed NTPI Fellow®!
We’ve been singing, “For He’s a Jolly Good Fellow” ever since Scott Nissen, EA returned from Arizona with his newest credentials. Our very own Scott Nissen, Enrolled Agent (EA), from Bellingham, WA was among 116 tax professionals who recently earned the elite National Tax Practice Institute™ (NTPI®) Fellow designation from the National Association of Enrolled …
Congratulations, Scott Nissen, EA, and newly credentialed NTPI Fellow®!Read More
