Category: Tax
SR Client Question: Do I report rental income on my vacation home?
If you rent your vacation home for more than 14 days, you must report the income and expenses on you individual income tax return. Any rental of less than 15 days is considered a casual rental and is not required...
Foreign Gifts Received By U.S. Citizens or Legal Residents Must Be Reported
The U.S. gift tax filing and payment requirements only apply to giftors who are U.S. citizens or legal residents. If the giftor is not a citizen or legal resident of the U.S., they have no U.S. gift tax return or...
Keep the Child and Dependent Care Tax Credit in Mind for Summer Tax Planning
During the summer many parents can plan the time between school years for their children while they work or look for work. Taxpayers that are considering their summer agenda should keep in mind a tax credit that can help them...
Medical and Dental Expenses
The Internal Revenue Service has expanded their video collection on YouTube, and I recently watched the short, yet informative one on Medical and Dental Expenses. To deduct your medical or dental expenses, you must itemize your deductions. Then: Add up...
If it sounds too good to be true…
You know the old saying: "If it sounds too good to be true, it probably is." Now the IRS is using the cliche to enforce a new penalty. In a recent decision involving a Son-of-BOSS tax shelter transaction, the taxpayer...
Did You Know…
The Internal Revenue Service (IRS) recently released the Spring 2012 Statistics of Income Bulletin to the general public. This issue features information on high-income individual income tax returns filed for tax year 2009. Did you know that during 2009, of...
The IRS announces more flexible terms to its Offer in Compromise program
The Internal Revenue Service recently announced another expansion of its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax...
Automated IRS System Helps College-Bound Students with Financial Aid Application Process
At last, there is hope for college-bound students and their parents that want to make the most of their college experience, including money spent on tuition and time spent on the college financial aid application process. The Internal Revenue Service...
SOLD! on eBay could mean PAY! your taxes
Many people do not realize the income they earn from auctions and consignment sales, even those online, may be taxable. What’s Taxable? All income from auctions, traditional or online, and consignment sales is generally taxable unless certain exceptions are met. ...
Reminder: New “stealth tax” lurking around the corner
Starting in 2013, beware of the stealth Unearned Income Medicare Contribution Tax that was part of the Health Care and Education Reconciliation Act of 2010. Who will be subject to this new tax? Individuals Estates Trusts The new tax is...