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Tax Court Case Shows IRS Effort to Revoke Passports for Tax Debt

Under the 2015 Fixing America’s Surface Transportation (FAST) Act, the IRS can deny, revoke or limit a passport if you have a seriously delinquent tax debt Ken Berry Aug. 29, 2023 By Ken Berry, J.D. If you’re planning to...

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  • August 30, 2023

Educator Expense Deduction helps teachers cut classroom costs

Teachers often buy classroom supplies with their own money. The Educator Expense Deduction helps them get some of that money back. Eligible teachers and administrators can deduct part of the cost of technology, supplies and training from their taxes....

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  • August 28, 2023

ERC And The Dangers Of An IRS Examination

Jessica Ledingham, J.D., LL.M. Contributor I strive to alleviate stress by analyzing and clarifying the tax code. The Basics of ERC A recurring concept in the media is the Employee Retention Credit. The ERC is a refundable payroll tax...

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  • August 22, 2023

Tax Credits for Used Clean Vehicles

Here is a video tax tip from the IRS: Tax Credits for Used Clean Vehicles English | Spanish Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics. www.youtube.com/@irsvideos www.youtube.com/@irsmultilingual www.youtube.com/@irsvideosASL

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  • August 18, 2023

Information for organizations applying for tax-exempt status

Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals....

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  • August 17, 2023

Knowing how scammers pose as the IRS can help taxpayers protect themselves

Crooks are always looking for new ways to scam unsuspecting taxpayers. Scammers impersonate the IRS by phone or email, in person, or by mail or delivery service – and cost people their time and money. By staying vigilant against...

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  • August 8, 2023

Home Energy Audits May Qualify for an Energy Efficient Home Improvement Credit

Washington – The IRS issued Notice 2023-59 today regarding the requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each...

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  • August 7, 2023

Get an Identity Protection PIN

Here is a video tax tip from the IRS: Get an Identity Protection PIN English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics. www.youtube.com/@irsvideos www.youtube.com/@irsmultilingual www.youtube.com/@irsvideosASL  

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  • August 1, 2023

Tax considerations for people who are separating or divorcing

When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance. Update tax withholding...

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  • July 31, 2023

IRS ends unannounced Revenue Officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts

WASHINGTON – As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety...

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  • July 27, 2023

Why Investors Should Consider Using a 721 Exchange to Defer Capital Gains Taxes

This less-used tool in real estate investing might serve you better than the more popular 1031 exchange. By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling...

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  • July 26, 2023

Like-Kind Exchanges Under IRC Section 1031

FS-2008-18, February 2008 WASHINGTON— Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you...

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  • July 26, 2023

Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they...

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  • July 20, 2023

Tax tips for new parents

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips...

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  • July 10, 2023

Info to help gig economy workers stay on top of their tax responsibilities

The gig economy – also called sharing economy or access economy – is a popular way for people to earn income by providing on-demand work, goods or services. Some people take up gig work on a part-time basis, and...

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  • June 29, 2023

Tax planning doesn’t stop after a taxpayer files a tax return

Just because a taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some...

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  • June 28, 2023

What to Know About the Tax Deductibility of Funeral Expenses

Most people cannot deduct burial costs, but there are things you can do to manage them. By Anthony Martin, Kiplinger Consumer News Service (TNS) The passing of a loved one is always a difficult burden to bear—physically, emotionally, mentally...

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  • June 22, 2023

Business travelers should check out these deductions before hitting the road

Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax...

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  • June 16, 2023

What employees need to know about income tax withholding

Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee’s Withholding Certificate. This form tells employers how...

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  • June 16, 2023

Here’s what to expect after requesting an appeal of a tax matter

If a taxpayer disagrees with an IRS decision, they may be able to avoid the time and expense of a court trial by asking the IRS Independent Office of Appeals to review their case. This office is separate from...

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  • June 15, 2023