There could be an unwelcome surprise for many citizens (age 65 or older) who itemize deductions on their tax return rather than claim the standard deduction. Traditionally, persons were only allowed … [Read more...] about Seniors Need to Plan When to Claim Medical Expenses
FAFSA Rules Changes You Need to Understand
Two major changes to the Free Application for Federal Student Aid (FAFSA) will take effect for the 2017-2018 school year that runs from July 1, 2017 through June 30, 2018. Many persons are aware of … [Read more...] about FAFSA Rules Changes You Need to Understand
Married Couples Need to Do What?
Although we live in the information age and the world of convenience, there is yet another task that newly-married couples need to address after writing their thank you cards and perhaps the bride … [Read more...] about Married Couples Need to Do What?
Is It a Loan, Contribution of Capital or Wages Paid?
Reading court cases often reveals how taxpayers can best structure their business transactions. In the Tax Court case of Scott Singer Installations (T.C. Memo. 2016-161), the Court discussed the … [Read more...] about Is It a Loan, Contribution of Capital or Wages Paid?
IRS To Delay Issuance of 2016 Refund
One of the techniques to combat identity theft used by the IRS and state tax jurisdictions is to delay the issuance of taxpayer refunds. So while the IRS encourages taxpayers to file early to minimize … [Read more...] about IRS To Delay Issuance of 2016 Refund
CPA Loses to IRS in Tax Court
This is an interesting Tax Court case, if for no other reason, it illustrates the importance of a taxpayer working with an experienced and ethical tax professional. For all those taxpayers who are … [Read more...] about CPA Loses to IRS in Tax Court
