Home Mortgage Interest Deduction

IRS NEWS Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act […]

Filing Late

Filing late can be a frustrating process. You may be unsure of any penalties and interest that may be applied from filing late. These penalties and interest may be abated if you take the proper steps with the tax authorities. IRS Rules The IRS may provide administrative relief from a penalty that would otherwise be […]

tax checklist

Checklist of things to do before the end of 2018

There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that should be taken no later than Dec. 31, 2018 to save taxes: … Realize losses on stock while substantially preserving investment position, … Convert investment income taxable at regular rates […]

Online QuickBooks Problems

Online QuickBooks Problems While Online QuickBooks is being touted as the next big thing and it certainly has its pluses, there are a number of things the Desktop version can still do better. For one thing, Desktop QuickBooks is an application downloaded to your CPU, allowing you to access and process the information quickly, as […]

Year End Tax Planning

Checklist of things to do before the end of 2017. There are many tax-saving steps that can be taken before the end of this year. Here is a list of the most important actions that should be taken no later than Dec. 31, 2017 to save taxes: … Realize losses on stock while substantially preserving […]

irs voluntary classification program

IRS’s Voluntary Classification Settlement Program for misclassified workers

The Voluntary Classification Settlement Program  This program allows employers to reclassify as employees those workers they have erroneously treated as independent contractors. The program has generous payment terms, and participants get relief from employment tax audits for previous years. Here are the details. Employee or independent contractor? Whether a worker is classified as an employee […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

Why it is necessary for you to make estimated tax payments.

Why it is necessary for you to make estimated tax payments. Individuals must pay 25% of a “required annual payment” by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. (When that date falls on a weekend or holiday, the payment is due on the next business day.) The required […]

irs settlement

The IRS ease some fears about settlement offer for misclassified workers

Among other things, the IRS Explained that  Voluntary Classification Settlement Program participation won’t trigger a federal audit and that IRS won’t share information about participants with the Department of Labor (DOL) or state agencies. Background. Earlier this year, IRS launched this new program  that allows employers to prospectively reclassify—as employees—those workers that they have erroneously […]

data for taxes

Tax responsibilities of U.S. citizens and dual citizens living abroad

Tax responsibilities of U.S. citizens and dual citizens living abroad Posted by on 14 December 2011 The IRS has provided info to clarify the tax responsibilities of U.S. citizens and dual citizens living abroad in response to concerns from expatriates about penalties that might be levied on their unpaid taxes and undeclared bank accounts. The […]

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David DennisCertified CPA