Finance2017-09-05T09:34:18-08:00
1510, 2019

IRS: tips for taxpayers who engage in virtual currency transactions

By |October 15th, 2019|Finance|Comments Off on IRS: tips for taxpayers who engage in virtual currency transactions

As part of a bigger effort to help taxpayers and to enforce the tax laws in a fast-moving area, the Internal Revenue Service recently issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Expanding on guidance from 2014, the IRS is issuing additional detailed [...]

810, 2019

Info for teachers about deducting out-of-pocket classroom expenses

By |October 8th, 2019|Finance|Comments Off on Info for teachers about deducting out-of-pocket classroom expenses

Ah, crisp afternoons, cool evenings, apples, cider, and falling leaves. Now that autumn is in full swing and school is in session, many teachers are reaching into their own wallets to purchase classroom supplies. While a nice gesture for their students, making this a regular practice throughout the school year [...]

110, 2019

IRS: safe harbor lets rental real estate qualify as business for qualified income deduction

By |October 1st, 2019|Finance|Comments Off on IRS: safe harbor lets rental real estate qualify as business for qualified income deduction

Good news for landlords or those who rent out homes, apartments, condos or townhouses. The Internal Revenue Service recently issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of [...]

1709, 2019

IRS estimator aids retirees; figures tax on Social Security benefits

By |September 17th, 2019|Finance|Comments Off on IRS estimator aids retirees; figures tax on Social Security benefits

Help with taxes for seniors is now easier than ever with the new Tax Withholding Estimator, launched in August on IRS.gov. It includes user-friendly features to help retirees easily figure out the right amount of tax to be removed from their pension payments. The mobile-friendly estimator replaces the Withholding Calculator. [...]

1009, 2019

Are you ready: third quarter estimated tax payment due Sept. 16

By |September 10th, 2019|Finance|Comments Off on Are you ready: third quarter estimated tax payment due Sept. 16

With major tax reform in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service is reminding taxpayers who pay estimated tax their third-quarter payment for 2019 is due Monday, Sept. 16. The Tax Cuts and Jobs Act or TCJA enacted in December 2017, changed [...]

309, 2019

IRS offers waiver of dyed fuel penalty in Florida due to Hurricane Dorian

By |September 3rd, 2019|Finance|Comments Off on IRS offers waiver of dyed fuel penalty in Florida due to Hurricane Dorian

To minimize or prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian, the Internal Revenue Service will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in Florida. This relief is effective immediately, it said in [...]