There may be relief from tax liability for “innocent spouses”

There may be relief from tax liability for “innocent spouses” If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be…

Can investors who manage their own portfolios deduct related expenses?

Can investors who manage their own portfolios deduct related expenses? In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs…

Divorcing couples should understand these 4 tax issues

Divorcing couples should understand these 4 tax issues When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing…

2020 COVID relief bill provisions affecting individual taxpayers

12/30/2020 2020 COVID relief bill provisions affecting individual taxpayers Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and…

COVID-19 Relief bill – Consolidated Appropriations Act, 2021

COVID-19 Relief bill - Consolidated Appropriations Act, 2021 On December 21, 2020, U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, the Consolidated Appropriations Act , 2021. President Donald Trump signed the bill on December 27,…

The 2021 “Social Security wage base” is increasing

The 2021 “Social Security wage base” is increasing If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to…

Understanding the passive activity loss rules

Understanding the passive activity loss rules Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from…

The easiest way to survive an IRS audit is to get ready in advance

The easiest way to survive an IRS audit is to get ready in advance IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But…

Will You Have to Pay Tax on Your Social Security Benefits?

Will You Have to Pay Tax on Your Social Security Benefits? If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It…

What happens if an individual can’t pay taxes

What happens if an individual can’t pay taxes While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look…