If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling. For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. You must report 100% of your […]
What are the tax implications of winning money or valuable prizes? Read More »
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them. Recent statistics. Overall, just 0.49%
The best way to survive an IRS audit is to prepare Read More »
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has
Questions you may still have after filing your tax return Read More »
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But
Paperwork you can toss after filing your tax return Read More »
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now. You should hang onto tax records related
Once you file your tax return, consider these 3 issues Read More »
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or needed money due to
Entrepreneurs and taxes: How expenses are claimed on tax returns Read More »
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the
New per diem business travel rates became effective on October 1 Read More »
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in
Selling a home: Will you owe tax on the profit? Read More »
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can
Still have questions after you file your tax return? Read More »
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales. You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund
Buying and selling mutual fund shares: Avoid these tax pitfalls Read More »
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