Six Tax Topics That Seem Innocent

  Six Problematic¬†Tax Topics March 29, 2021   Here are six tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling Winnings If you receive a tax form at a casino for your winnings, that information is sent to the tax...

Understanding Tax Terms: AFRs

  Understand Tax Terms: AFRs March 8, 2021   Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees...

Your Common Tax Questions Answered

  Your Common Tax Questions Answered March 1, 2021   With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. 1. When will I get my refund? The pandemic and additional stimulus payments will, in all...

New 1099 NEC FOrm

  Alert: Look for New 1099 NEC February 10, 2021   The Form 1099 The Form 1099 is an informational tax form that captures economic activity that is then reported to you and the tax authorities. The primary purpose of the form is to ensure you are reporting...

Your Home. A Bundle of Tax Benefits.

  Your Home, A Bundle of Tax Benefits January 19, 2021   Common Deductions 1. Interest Deductibility Mortgage interest is one of the few allowed deductible interest expenses. It is limited to the first $750,000 dollars in loans secured by your primary...