Generally, the IRS requires that a capital gain or loss be reported for tax reporting purposes when a capital asset is sold or exchanged. Thus, it is important that you understand what a capital … [Read more...] about Tax Implications When Selling Capital Assets
IRS Tax Planning Ideas, Tips & News
Form 1099-MISC Misuse and Misconceptions
Since the December 31 year end is quickly approaching, it is the time when some employers think about issuing their employees a holiday or performance bonus. Generally, all payments made to employees … [Read more...] about Form 1099-MISC Misuse and Misconceptions
2017 Social Security Changes
The Social Security Administration has announced its increases to the 2017 maximum amount of earnings subject to the Social Security tax and the monthly benefits to be paid to Social Security … [Read more...] about 2017 Social Security Changes
Seniors Need to Plan When to Claim Medical Expenses
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
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?
