CERTIFIED PUBLIC ACCOUNTANT
The IRS audits for a good reason – They want everyone to pay their fair share. The IRS assigns a numeric score to every income tax return based on specific criteria. The higher the assigned score, the more likely you will be selected for audit. Here are some of the... Continue reading →
Don’t pay more tax than you are required to. We think your legal income tax liability is big enough already, and the IRS will not be in any rush to tell you about money you could have saved! Here are some common areas where taxpayers let money slip through the... Continue reading →
The IRS finally realized many financially distressed taxpayers are struggling to pay their bills – including their tax bills. So the IRS recently released new “Fresh Start” initiatives to provide some relief to qualified taxpayers most affected by the economic downturn. Penalty Relief Failure-to-pay-tax penalties can add up to 25%... Continue reading →
Selling a stock, mutual fund or bond is a taxable event to the IRS. It should be an easy thing to calculate: net sales – cost = gain or loss. But what if you’ve reinvested dividends in stocks for the past few years and decide to sell all your stock?... Continue reading →
The IRS general rule is discharged debt is considered as taxable income. For example, credit card debt is generally treated as taxable income. But there are many exceptions where you may not pay any tax on cancellation of debt income such as: You filed for bankruptcy and the debt is... Continue reading →
