Selling to a Related Party Can Kill Your Tax Losses
Selling to a Related Party Can Kill Your Tax Losses If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related party, and that can really complicate matters. This brings […]
How to Protect Your Gambling Winnings from the IRS
How to Protect Your Gambling Winnings from the IRS Your gambling income is taxable. And—just as important—it’s reportable. The good news is that you can offset your gambling winnings with your gambling losses provided you keep good proof of those losses. The IRS and courts expect you to maintain a “contemporaneous gambling diary.” You face […]
Easily Fixing Depreciation Errors Can Save Thousands in Taxes
Easily Fixing Depreciation Errors Can Save Thousands in Taxes Depreciation is such a valuable tax deduction because unlike most deductions, it doesn’t cost you a penny more than what you’ve already spent in order to reap the benefits. In fact, you don’t have to spend anything in the current tax year to claim it (i.e., […]
Which is the Best Way to Deduct Education Expenses?
Which is the Best Way to Deduct Education Expenses? Self-employed taxpayers should consider their options carefully when it comes to applying tax benefits for their own education tuition and expenses. Tax law provides multiple ways to benefit from the educational expenses and one may provide more benefit to you than another based on your particular […]
F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan
F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan How do I know if I will get the full amount? It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or […]
Economic Stimulus Package Passes and is Signed into Law
Economic Stimulus Package Passes and is Signed into Law The biggest economic stimulus in American history has passed, but Washington’s colossal intervention to save the economy still chooses winners and losers among businesses and American workers. Checks on the way What they got: All U.S. residents with adjusted gross income up to $75,000 ($150,000 for married […]
IRS Audit Guide | IRS Auditing | Legacy Tax & Resolution Services
IRS Audit Guide | IRS Auditing | Legacy Tax & Resolution Services An IRS audit is a review or examination of an organization’s or individual’s returns and supporting information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. In most cases, an audit […]
Will you get a stimulus check if you receive Social Security or disability, or didn’t file a tax return?
WASHINGTON (TEGNA) – A $2.2 trillion relief package passed the Senate Wednesday night. President Donald Trump signed the legislation Friday. The bill would provide one-time direct payments to Americans of $1,200 per individual adults and $2,400 for married couples and an additional $500 for each eligible child. The full amount will be available for […]
What to Know About R&D Tax Credits for Dentists
What to Know About R&D Tax Credits for Dentists Many dentists have recently been exploring the potential applicability of the R&D Tax Credit to their practices. What is the R&D Tax Credit?The goal of the R&D text credit is to encourage businesses to undertake research and development related activities, either through new or improved […]
How the R&D Credit Can Help New Companies Offset Payroll Taxes
How the R&D Credit Can Help New Companies Offset Payroll Taxes The R&D credit was permanently extended as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015. The bill included enhancements starting in 2016, including offsets to the alternative minimum tax and payroll tax for eligible businesses. While the credit used to […]