March Madness brings a tense air of competition and excitement with it to the office. With games in full swing throughout the normal workday, it’s the only topic of conversation amongst sports fans as games are decided by the hour and bracket predictions begin proving their...
IRS News
Home Rental can Provide Tax-Free Income
Do you notice that every year during your town’s biggest festival/fair/event traffic gets out of control, lines at the grocery store are longer and the wait at your favorite restaurant is double the usual amount of time? This year you may be able to avoid all of that and make...
Prepare Yourself for a Financial Crisis
When the financial crisis in 2008 struck the United States, many people were ruined financially. As America continues to rebuild it is important that individuals understand how they are going to prepare themselves financially to ensure that a financial crisis is not wholly...
If You Win a Super Bowl Bet, It’s Taxable!
This is America. An obsession with football is rampant. The most watched football event of the year is the Super Bowl. The 2 teams playing this year are the Baltimore Ravens and the San Francisco 49ers. The Ravens have won the Super Bowl once in 2000, and the 49ers have won the...
Earned Income Tax Credit Audits of Tax Preparers, CPAs and Enrolled Agents
Tax Preparers, are they safe from Audit? Most tax preparers, Enrolled Agents and CPAs think completing the Form 8867 and EIC worksheets meets the due diligence requirements of Reg.Sec 1.6995-2(b)(3). Â This is false! Â You must additionally document your knowledge and due...
What Happened to the Fiscal Cliff?
The fiscal cliff has been pushed back at the beginning of this year with a bill. President Obama put it in ink on Wednesday, January 2nd with his a famed auto-pen. The fiscal cliff was all anyone could talk about in the last months leading up to 2013. News stories never stopped...
Four Holiday Tax Tips
When you think about the end of the year and the holiday season, your mind is probably not brought to the thought of your taxes. Dealing with some taxes before the year is over can be a great way to save you some money and ensure that your tax season goes smoothly. You don’t...
Some Very Odd Taxes
Taxes are a major part of our lives. We have to plan ahead for them and compensate our finances to meet their deductions. Most people understand that taxes are needed in order to keep the country going, so these payments are an accepted part of living in our country. While our...
You Can Be Thankful for Taxes
With Thanksgiving right around the corner, a lot of people like to take stock of their lives and express gratitude for them. There are a lot of things to be thankful for, which cover a huge range of subjects. One of the under appreciated things which may take people off guard...
April 15th- A day of Infamy and Taxes
For many of us, April 15th is a day to buckle down and finish up our tax forms (should we have not finished them yet). Many Americans consider Tax Day to be a stressful and confusing day of the year, and approach it with a degree of trepidation. After all, filling out tax forms...