incometaxissues.blogspot.com
Income Tax Issues: April 2013
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A place for comments on tax issues. The Masters Tax and Financial Services. Friday, April 26, 2013. IRS Excessive Payments of Refunds. There is nothing new under the sun. In spite of our federal financial problems, and the large tax gap that would address much of that fiscal problem, most members of Congress hold that the EITC program is working well! Maybe those incentives are necessary if we provide for their needs without them having to work.). For more information on the TIGTA report you can visit.
incometaxissues.blogspot.com
Income Tax Issues: September 2013
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A place for comments on tax issues. The Masters Tax and Financial Services. Thursday, September 5, 2013. Income is taxable unless specifically excluded. That means all income. All world-wide income. For your favorite waiter or waitress at your favorite restaurant, the tip you leave them is taxable income. (They do not have to pay taxes on the amount they "tip out" to the cooks, etc.). Aren't "tips" a voluntary "gift" that are "to insure promptness" by the service staff? A "service charge" is something th...
incometaxissues.blogspot.com
Income Tax Issues: November 2010
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A place for comments on tax issues. The Masters Tax and Financial Services. Sunday, November 7, 2010. This past week we elected some old and some new people to represent us. We are about to see the largest shift in Congress in half a century with Republicans picking up 61 seats in the House. What does this mean in tax land? Also on the list (we hope! Is the dreaded AMT. Currently about 27 million families are destined for that. Typically Congress does a 1-year patch to reduce that to about 4 mill...It wi...
incometaxissues.blogspot.com
Income Tax Issues: September 2010
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A place for comments on tax issues. The Masters Tax and Financial Services. Thursday, September 30, 2010. Taxing Wealthy Slowing Economy? Our President is planning to address our nation's financial woes through tax increases on the most wealthy 3% of the nation. Whether you agree with that plan or not, I hope you will agree that the financial issues are complex and the solutions are not obvious from any perspective. Monday, September 27, 2010. US Treasury Bank Accounts? The real issue is the high interes...
incometaxissues.blogspot.com
Income Tax Issues: February 2014
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A place for comments on tax issues. The Masters Tax and Financial Services. Thursday, February 6, 2014. The IRS is reminding us that we need to inform the Social Security Administration if we changed our name in 2013. When you file your income tax return, the IRS matches your information with that on file at the Social Security Administration. If that information does not match, then your tax return will be rejected. So if you got married in 2013, congratulations! Subscribe to: Posts (Atom).
incometaxissues.blogspot.com
Income Tax Issues: January 2013
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A place for comments on tax issues. The Masters Tax and Financial Services. Monday, January 21, 2013. Fiscal Cliff Hits 2012. I have had people say to me: The fiscal cliff items are really all 2013, aren't they? The answer is that they are not. There are a number of items that changed 2012 retroactively, and thus the delay in our ability to file our tax returns (again) this year. Here's a list of 2012 items:. Option to deduct state sales tax instead of state income tax [IRC §164(b)(5)]. Allows use of IRC...
incometaxissues.blogspot.com
Income Tax Issues: March 2013
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A place for comments on tax issues. The Masters Tax and Financial Services. Wednesday, March 20, 2013. IRS to Waive Failure-to-Pay Penalty. So what is the relief? Taxpayers may not have to pay that penalty if they meet all of the following conditions:. The tax return includes one of the 30 forms or schedules that were delayed. An extension is filed for the tax return. The extension includes an estimate of the ultimate tax liability. Subscribe to: Posts (Atom). Richard Ogg, EA. Enrolled agents (the EA) ar...
incometaxissues.blogspot.com
Income Tax Issues: December 2013
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A place for comments on tax issues. The Masters Tax and Financial Services. Thursday, December 19, 2013. 2014 Income Tax Filing Season. In case you missed it, and the announcement is in news all over the place, the IRS will be open for business for 2013 tax returns on Friday, January 31, 2014. At this time there is no indication of further delays for certain forms. (In 2013, for 2012 tax returns, certain forms were not available until later in February or March.). Monday, December 16, 2013. The law state...
incometaxissues.blogspot.com
Income Tax Issues: August 2012
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A place for comments on tax issues. The Masters Tax and Financial Services. Monday, August 6, 2012. Another typical tax season on the calendar. Shock of shocks, there is another post to this blog. This blog may not receive much attention, but it does have better days coming. So here's the scenario that we will live in a few months:. Congress will extend some tax breaks for some group of people in December. Or was that the year before? Will the December changes solve our problems? No It will only band-aid...
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