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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 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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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” ?

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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?

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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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