There is talk that the U.S. Congress may be looking to substantially increase tax revenues. Increases could possibility be effective retroactively to earlier in 2021, or they could start in 2022. Things to consider: STOCKS selling marketable security investments before … Continue reading →
Some people automatically get Social Security’s Medicare Part B (Medical Insurance), and some people need to sign up for Part B. If you don’t sign up for Part B when you’re first eligible, you may have to pay a late … Continue reading →
Update March 29, 2021 RELIEF FOR FORM 1040 FILERS AFFECTED BY ONGOING CORONAVIRUS DISEASE 2019 PANDEMIC Form 1040, final payment of 2020 Form 1040 taxes, 2020 IRA contributions and 2021 M2M tax elections are all due May 17, 2021. Notice … Continue reading →
Money was made available for Small Businesses, Homeowners and Renters Two minute video: How the CARES Act Helps Small Businesses Caution: Do not respond to emails stating something like: Important Information from Small Business Administration (SBA) – Your EIDL Application … Continue reading →
Texas v. U.S. is scheduled to be heard by the U.S. Supreme Court with the potential of ruling certain Obamacare taxes to be unconstitutional. Many taxpayers with an AGI over $200,000 for 2016 paid these taxes are computed on IRS Form … Continue reading →
If you were born before January 3, 1954 there is a strategy called “restricting an application for spousal benefits.” With this trick, the second spouse delays collecting until age 70, but for the intervening years collects 50% of the spouse’s … Continue reading →
Admitted on television by H&R Block itself. Apparently, for all tax returns prepared at H&R Block prior to the 2017 addition of the tax deduction finding superpower IBM Watson computer, the refunds obtained using H&R Block’s services were smaller than they … Continue reading →
The Senate passed legislation on December 7, 2016 eliminating a tax penalty on employers who reimburse their employees for the cost of health insurance premiums, following passage of the measure the week earlier in the House. The IRS had begun … Continue reading →
Refunds will be delayed for 2016 tax returns. Starting with 2016 tax returns that are due in 2017, the IRS will delay refunds at least until February 15th for taxpayers claiming the earned income credit or the refundable child credit. … Continue reading →
The IRS’s Deputy Commissioner for Services and Enforcement, John Dalrymple, today announced a change in policy on initial taxpayer contact in audit or examination cases. “Effective immediately, all initial contacts with taxpayers to commence an examination must be made by … Continue reading →
