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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.

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My Tax Blog

August 14, 2019 | 2021
BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

engraving part of face and eye from US currency

Virtual Currency may not be as private as previously thought. The IRS is reviewing Virtual Currency holders (e. g. Bitcoin and related currencies) tax returns because these taxpayers may not have reported income (or paid taxes) when the currency was redeemed (used to buy goods and services), traded or sold. The IRS is sending a … BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

July 31, 2019 | 0
IRS Collects Tax for Foreign Countries Too?

Two police officers outside one holding night stick other holding hand cuffs

Moving to the United States does not stop a foreign country from collecting a tax debt as Dr. Retfalvi found out (Retfalvi, 4thCircuit). Dr. Retfalvi was a Canadian citizen. He moved to the US under a Work Visa and later became a US Citizen. The IRS initiated collection procedures on Taxpayer on behalf of Canada. … IRS Collects Tax for Foreign Countries Too?

July 19, 2019 | 0
IRS Loves Seniors—Form 1040SR

gransparents outside holding young children

Are you over age 65? Congress and the IRS are thinking of you . . . They’re developing a new Tax Form just for you for 2019 Tax year. It’s called Form 1040SR. It is styled much like the discontinued Form 1040EZ. The differences: It’s 2 pages It’s for Seniors age 65 and older No … IRS Loves Seniors—Form 1040SR

July 3, 2019 | 0
Self Employment, Financial Freedom or IRS “Invitation” ?

fireworks at sunset silouette of person holding a candle

Are you a self-employed business owner? It’s great to set your own hours and choose your “job”. However, if a business owner isn’t careful, the ticket to financial freedom–the business–can be an “invitation” for an IRS inquiry . . . The IRS defines a business as a FOR PROFIT activity. Translation: Just because you call … Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020
I Didn’t File My Taxes . . .What Now?

woman setting at computer desk holding her head

Yes, it’s after April 15th. However, “forgetting” to file isn’t fatal if it’s addressed quickly. This article is limited to individual Federal Tax filing requirements. State and cities may have additional tax filing requirements. Question 1: Is filing Federal Tax Return required? Not required for self employed taxpayers with income under $400.00 OR For taxpayers … I Didn’t File My Taxes . . .What Now?

May 29, 2019 | 0
Saving $ on Health Insurance?

Health Insurance costs are rising. One way to reduce health insurance premiums is to enroll in a high deductible health insurance plan and to pair that plan with a (tax deductible) Health Savings Account. For 2019 A high deductible health insurance plan has deductible of at least $1,400 (for individual coverage) or $2,750 (for family … Saving $ on Health Insurance?

April 25, 2019 | 0
Grandpa Died and I Get a Tax Bill?

Most inheritance distributions are usually tax free, especially if the moneys received are from a regular savings or checking account (or the equivalent) or are from life insurance not paid to the Estate. However, if the money received is from a stock fund sale, IRA or asset sale (e.g. house or farm) then the proceeds … Grandpa Died and I Get a Tax Bill?

March 27, 2019 | 0
Can’t I Just File for An Extension?

I didn’t get all my forms yet. Couldn’t get the “books” finished I’ll be out of the country . . . In many cases, if the 2018 Tax Return can’t be filed by April 15 or tax due date (for individuals), an extension is available. Filing form 4868 (individual returns) will extend the 2018 Tax … Can’t I Just File for An Extension?

March 20, 2019 | 0
Need Tax Deduction? Check Out Traditional IRA

Do you owe taxes this year? Looking to reduce your tax bill? Check out a Traditional IRA. It’s one of the few deductions that can be taken AFTER the tax year ends. In practical terms, taxpayers can contribute to a Traditional IRA as late as April 15, 2019 for 2018 Tax Year. Contributions provide a … Need Tax Deduction? Check Out Traditional IRA

March 1, 2019 | 0
Meals Expense Deductible? It Depends

man with coffee talking to a woman in a business suit outside building

The 2017 Tax Cuts and Jobs Act suspended some deductions and sidestepped others. One of those deductions is the meals expense. For most employees, the meal expense (or per diem) tax deduction is suspended until tax year 2026 (no tax deduction). However, self employed individuals (or those receiving a 1099 Misc) and STATUTORY employees (e.g. … Meals Expense Deductible? It Depends

Welcome

My Tax Blog

August 14, 2019 | 2021 BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .

July 31, 2019 | 0 IRS Collects Tax for Foreign Countries Too?

July 19, 2019 | 0 IRS Loves Seniors—Form 1040SR

July 3, 2019 | 0 Self Employment, Financial Freedom or IRS “Invitation” ?

June 27, 2019 | 2020 I Didn’t File My Taxes . . .What Now?

May 29, 2019 | 0 Saving $ on Health Insurance?

April 25, 2019 | 0 Grandpa Died and I Get a Tax Bill?

March 27, 2019 | 0 Can’t I Just File for An Extension?

March 20, 2019 | 0 Need Tax Deduction? Check Out Traditional IRA

March 1, 2019 | 0 Meals Expense Deductible? It Depends

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