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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

September 1, 2020 | 0
How Long Should I Keep Tax Return Copies?

Top half of IRS 1040x amended tax return form

Depends on tax situation: If don’t own a business, then keep AT LEAST four years of tax returns. The IRS has three years after the tax return is filed to review the filed return and send a bill. CAREFUL! IRS can review up to six tax years of tax returns if twenty five percent or … How Long Should I Keep Tax Return Copies?

August 7, 2020 | 0
Remembering the Past . . . in the ERA of COVID

Sorry I just have to vent. So tired of the COVID bad news. Since we’ve forgotten the past, we are ill equipped to handle the present or the future. A hundred years ago, there was a strange illness with no known cure. Like COVID 19, it attacked the lungs and organs. People infected coughed up … Remembering the Past . . . in the ERA of COVID

July 30, 2020 | 0
Can’t Pay Taxes? Options . . .

woman setting at computer desk holding her head

July 15 has come and went . . . and the tax bill does not fit into your budget. . . what to do: File anyway. This stops the Failure to File Penalty. If can pay the balance by year end, make monthly payments. Ask your tax pro for bill stubs. Pay at least every … Can’t Pay Taxes? Options . . .

October 23, 2019 | 0
What’s a COLA? Is it related to PEPSI?

Can of coca cola sitting on a stone wall

No. A COLA is not a relative of Pepsi-Cola. It refers to a special Cost of Living Adjustment (COLA) for those receiving Social Security Benefits. Once a person starts receiving Social Security Benefits, the benefit amount tends to stay the same except for COLAs. For tax year 2020 the COLA will be 1.6%. For a … What’s a COLA? Is it related to PEPSI?

October 16, 2019 | 0
Selling a Home . . .There May be a Tax Break for That. . .

Yellow house with porch and steps with tree

If you’re a homeowner and selling your principal residence two questions: Did you live in it as your only home (principal residence) for at least two years? Was the time period lived there end within five years of the home sale date? If you answered both of the above questions as Yes and you did … Selling a Home . . .There May be a Tax Break for That. . .

September 25, 2019 | 0
Prizes Are Taxable?

Tahoe utility setting at the water's edge of a beach

As a high school student discovered in the Conyers case. A car dealership held a competition for high school seniors who had perfect attendance and/or good grades. Schools submitted names of qualifying students and the dealership held a drawing for a new car. The student accepted the new vehicle, but didn’t report the income on … Prizes Are Taxable?

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

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?

September 5, 2019 | 0
Can I Claim Meal & Travel Expenses for 2019 Tax year?

Hand holding with pita sandwich wrapped in paper in an outside plaza

Are you one of the “lucky” people that can still deduct Meal and Travel Expenses on their tax return? . . . First a few questions: Is the travel and meal expense related to your job as an employee (taxes taken out of paycheck)? Is the travel expense (e.g. hotel) incurred in the same city … Can I Claim Meal & Travel Expenses for 2019 Tax year?

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

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?

Welcome

My Tax Blog

September 1, 2020 | 0 How Long Should I Keep Tax Return Copies?

August 7, 2020 | 0 Remembering the Past . . . in the ERA of COVID

July 30, 2020 | 0 Can’t Pay Taxes? Options . . .

October 23, 2019 | 0 What’s a COLA? Is it related to PEPSI?

October 16, 2019 | 0 Selling a Home . . .There May be a Tax Break for That. . .

September 25, 2019 | 0 Prizes Are Taxable?

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

September 5, 2019 | 0 Can I Claim Meal & Travel Expenses for 2019 Tax year?

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

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

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