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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

July 22, 2020   |   0
SCAM ALERT—Some of the IRS’s Favorites:

Accountant holding books bag of cash beside him. policeman beside him holding a pair of handcuffs

 Pfishing: Fake emails made to look like coming  from the IRS to steal personal information.  IRS never contacts taxpayers by email.  Don’t click on any “IRS” links Fake Charities—unsolicited contact from questionable charities. Have similar names to legitimate charities to fool people into giving money or financial information. Legitimate charities have an employer identification number … SCAM ALERT—Some of the IRS’s Favorites:

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September 10, 2019   |   0
Retirement Withdraw for Home Downpayment is Tax Free? Right?

Yellow house with porch and steps with tree

Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as … Retirement Withdraw for Home Downpayment is Tax Free? Right?

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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 . .

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July 10, 2019   |   0
Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

ledger sheet with multiple columns

The short answer is No. The numbers are different. Federal and most State tax returns subtract for fringe benefits (e. g. 401K), adjustments (e. g. student loan interest) and/or a standard deduction before calculating total taxable income also known as Adjusted Gross Income or AGI. However, Cities usually base their taxable income on the Box … Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?

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

cell phone with a stethoscope

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?

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