For Individuals
The most oft-asked question about stimulus checks
Q: What if you had extra one-time income (an IRA withdraw for example) and exceeded the income limit to receive an advance stimulus payment? A: The law specifies that stimulus checks are based on a temporary, refundable tax credit for tax year 2020. If your income will be substantially less this year and you otherwise…
Read MoreAdvanced ID Theft – How they do it
When it comes to protecting ourselves from ID theft, our problem is that most of us don’t think the same way that a criminal does. Good legal advice becomes vital because an attorney who has presided over such cases can share some of the methods that ID thieves may use. Our guest editor this week…
Read MoreRMDs made PDQ
This subject reminds of a famous line from the movie Jurassic Park. “Your scientists were so preoccupied with whether or not they could, they didn’t stop to think if they should.” So even though you could access your IRA account in a tax-advantaged way, you should be careful about raiding your retirement funds except for…
Read MoreThe worst kind of ID theft
Although we’re very good at tax and accounting, when it comes to legal matters, it always pays to consult a good attorney and, in this case, a sitting Magistrate Judge. Judge Kathy Brown Valencia is our guest editor this week. She serves as Magistrate Judge, Post 2 (county-wide), and is the incumbent candidate for the…
Read MoreYour stimulus check- how to make sure IRS gets it right
Most of us are a little doubtful of the IRS’ ability to get things exactly right especially with the rebate being partially phased out as your income goes up. If you’d like a method of double-checking the government’s calculation of your soon to be coming stimulus check, feel free to use our calculator below. Just…
Read MoreThe SECURE ACT – New Rules for Retirees
New Law Extends Key Tax Breaks into 2020 — aka How Congress tries to upset your year-end planning Just when it seemed like Congress was too distracted by impeachment proceedings and national security to worry about taxes, they throw curveballs into our year-end tax planning. The Extenders and Secure (Retirement) Act are just a…
Read MoreBusiness Reading List for the Holidays
To succeed in business, it’s necessary to learn some economic theory. Don’t worry – this doesn’t mean you have to have a degree in Econ studies – it just means you grasp some principles of how free markets work. Some of the best reads that I’ve ever found are described in our video review below.…
Read MoreChristmas giving and tax deductions
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Read MoreChrisley knows best — except for taxes
There have always been a number of things you can do to get on the IRS’ bad side and (in the Christmas vernacular) their “naughty list.” This article from Forbes is a great checklist of things you should never, ever, do when dealing with an IRS audit. Published by Tax Attorney Robert Wood in Forbes…
Read MoreGet a 30 Percent Tax Credit for Residential Solar Panels
Only a few months left to Claim a Tax Credit for Residential Solar Panels If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it. The 30 percent residential solar credit: drops to 26 percent for tax year 2020, drops to 22 percent…
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