Watch Out for Tax Penalties
Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late-Filing Penalty Late-Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing ID Number Penalty Early Withdrawal Penalty Penalty for Failure to Report Tips Foreign Reporting Excessive Claim Penalty Accuracy-Related Penalty for Non-itemizers Frivolous Return Penalty Penalty for Failure to File Information […]
Gift Tax Treatment of Tuition Plans
Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable […]
10 Tax-Saving Strategies to Consider Before Year-End
Article Highlights: Taking Stock of Tax Strategies Education Tax Credits Converting a Traditional IRA to a Roth IRA Minimum Required Distributions Charitable Contributions Qualified Charitable Distributions Health Savings Accounts Prepaying State Taxes Paying Medical/Dental Bills Gifting Avoiding Underpayment Penalties It seems hard to believe, but the holiday season is almost upon us, and that means […]
How Far Can the IRS Go Back to Audit You? | When Can the IRS Audit You? | Legacy Tax & Resolution Services
How Far Can the IRS Go Back to Audit You? | When Can the IRS Audit You? | Legacy Tax & Resolution Services When Will the IRS Audit You? Most taxpayers dread the possibility of undergoing an audit by the Internal Revenue Service (IRS). No matter how careful you are, it’s still possible to make […]
IRS Audit Statute of Limitations | IRS Audits How Many Years | Legacy Tax & Resolution Services
IRS Audit Statute of Limitations | IRS Audits How Many Years | Legacy Tax & Resolution Services How Long Can the IRS Audit? Most taxpayers dread the possibility of undergoing an audit by the Internal Revenue Service (IRS). No matter how careful you are, it’s still possible to make a mistake or an error that […]
Tax Tips for Holiday Charity Donations
Article Highlights: Long-Form Itemization Required Below-the-Line Cash Contributions for 2021 Qualified Charities Only Cash Donations Non-cash Donations Leave Donations Other Qualifying Donations AGI Limitations Year-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your […]
IRS Audit Time Limits | IRS Statute of Limitations Audit | Legacy Tax & Resolution Services
IRS Audit Time Limits | IRS Statute of Limitations Audit | Legacy Tax & Resolution Services When Will the IRS Audit You? Most taxpayers dread the possibility of undergoing an audit by the Internal Revenue Service (IRS). No matter how careful you are, it’s still possible to make a mistake or an error that may […]
Article Highlights:
During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return. Cash Donations – To claim a charitable deduction, you normally must itemize your deductions. However, for 2021, non-itemizers filing a joint return can deduct up […]
President Biden’s Build Back Better Act Passed by The House; Fate Now in the Senate’s Hands
Article Highlights: Build Back Better Act Senate is Next Highlights of Certain Provisions Included in the House Version Noticeably Absent from the Original Bill On November 19, 2021, the House of Representatives passed their proposed version of President Biden’s Build Back Better Act, which was substantially pared down from the original version. The Senate will […]
Tax Benefits for Holiday Gifts
Article Highlights: Electric Car Credit Solar Electric Credit College Student Supplies Work Equipment Charitable Gifts Employee Gifts Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits—think of it as Santa Claus meets Uncle Sam. Here are some examples: Electric Car Credit* – If you purchase a new […]