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Is an IRS Online Account a good idea?

Posted on August 27th, 2021
Is an IRS Online Account a good idea?

If you have ever tried to call internal revenue you probably know you will never get though (unless you have the patience of Job). Creating an online account with the IRS requires patience too but can facilitate an ever growing number of tax related tasks. The IRS Online Account is particularly helpful if you have… Read More »


Five weapons to attack IRS debt

Posted on July 22nd, 2021
Five weapons to attack IRS debt

Internal Revenue has the strongest enforcement power than any collection agent on the planet. They can help themselves to your bank account, take a huge chunk of your paycheck, tap your social security income, and force you to encumber or liquidate assets. The best option is to pay the debt and go on with life… Read More »


Internal Revenue has a Transcript for you

Posted on June 30th, 2021
Internal Revenue has a Transcript for you

If you have ever wondered what info the IRS has about you, there’s good news. That info is also available to you. Transcripts are summaries that show line item info for the tax returns you have filed, or that others have reported to internal revenue such as Form W2 income and Form 1099 Income. The… Read More »


Getting married can impact your taxes

Posted on June 17th, 2021
Getting married can impact your taxes

Saying “I do” means that single filers will now be filing jointly or married filing separate. This change sometimes means little or no difference in taxes incurred. In other cases, federal (and state) income taxes will increase. With passage of the Tax Cuts and Jobs Act (TCJA) of 2017, marginal brackets are currently neutral in… Read More »


What to do with Form CP2000

Posted on May 27th, 2021
What to do with Form CP2000

Internal Revenue has a library of forms designed to communicate various messages regarding your standing as a current and compliant taxpayer. Most forms begin with CP (Computer Paragraph). These are computer generated forms which include specific information typically regarding “proposed changes” to you tax return and/or “proposed amounts due.” You might be tempted to set… Read More »


Can IRS get blood from a turnip? CNC to the rescue.

Posted on February 11th, 2021
Can IRS get blood from a turnip? CNC to the rescue.

Many radio and TV advertisements warn of the heavy handed tactics that IRS will impose on those who fail to pay their income taxes. I received a call recently from a frenzied taxpayer in Ruskin FL who received an IRS CP504 Notice of Intent to Seize (Levy) demanding payment. Her independent contractor job was terminated.… Read More »


Keeping expenses in check for your small business

Posted on January 27th, 2021
Keeping expenses in check for your small business

One of my landscaping clients in Riverview Florida asked me for suggestions on reviewing expense items for internal control. Small businesses should look at their expenses monthly (or at least quarterly). Generate a report that shows each expense line item over the last 6-12 months to identify unusual amounts and to spot trends. Research any… Read More »


Make Mine a Double!

Posted on December 23rd, 2020
Make Mine a Double!

Hot off the presses, congress just released its $900 billion pandemic relief bill. One of the provisions allows Paycheck Protection Program (PPP) loan related expenses to be deducted from taxable income. Specifically, the proceeds are not taxable income and the related expenses can be deducted. That was the intent of congress all along. Earlier in… Read More »


QCD – RMD Easy as 123

Posted on December 13th, 2020
QCD – RMD Easy as 123

Qualified Charitable Distributions can be used in lieu of Required Minimum Distributions to save big bucks on your tax bill. Taxpayers who have reached the age of 72 and have a qualified retirement plan (such as an IRA) are required to withdraw a portion of their account(s) each year. The RMD is subject to income… Read More »


Look at Below! (When tax policy is a Buffalo Jump)

Posted on December 12th, 2020
Look at Below! (When tax policy is a Buffalo Jump)

Income tax rates are mildly progressive. Rates increases a little bit as taxable income passes predetermined levels. Phase outs also behave in a similar manner. A tax benefit will decrease as income increases. The Premium Tax Credit (PTC) does just that. However the credit does much more than cap out. It completely disappears all at… Read More »


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