During tax season, Massachusetts residents often hear rumors regarding how to save money on taxes, whether they will end up paying more for one reason or another, and more. Now, with the changes in the tax laws and the questions regarding the government shutdown, people have even more questions and need direct answers instead of rumors. Even though the shutdown ended, at least temporarily, people may still wonder whether IRS operations will proceed as normal.
It is the beginning of a new year. During the first few months of the year, many Massachusetts residents turn their attention to tax time and the need for assistance in preparing their returns. The IRS warns taxpayers that there are some people out there waiting to take advantage of individuals as they search for someone to provide much needed help. These fraudulent tax preparers could potentially wreak havoc on unsuspecting individuals' lives.
New laws went into effect for the 2018 tax year that affect the income tax filings of people here in Massachusetts and others across the country. If not fully understood, some of them could end up in trouble with the IRS. This even extends to those with giving hearts since certain charitable contributions may not be tax deductible depending on the circumstances.
For some time, cryptocurrencies such as bitcoin were all the rage. People here in Massachusetts and elsewhere made a good deal of money on this new type of currency. For this reason, in 2014, the IRS announced these assets are to be taxed as capital gains when people make money from them.
December is the time of year when many Massachusetts residents give their first thoughts to the coming tax season. While many are only thinking about their 2018 tax liabilities, the IRS is already releasing information about 2019. Having this information should help many people make better financial decisions for the coming year.
In a previous post, we discussed a denied offer in compromise filed by actor Wesley Snipes. He tried appealing, first to the IRS Office of Appeals and then to the Tax Court, but lost his appeals due to specific fact circumstances unique to his case. In this post, we’ll discuss the time frames for general appeals of denied offers in compromise.
The 2017 Tax Cuts and Jobs Act dramatically changed the way Americans handle taxes. In addition to doubling the standard deduction and lowering the deductability of state and local taxes (SALT) funds, other changes exist as well, all of which might affect you come tax time.
With the midterm elections right around the corner, there is an uptick in the number of election workers on the books for local, state and federal-level elections. Many of these workers are volunteers, but some of them receive payment for their time.
If you are a small business owner, the Tax Cuts and Jobs Act likely created some tax-related questions for you. You may be wondering, for example, how to determine your business income deductions under Section 199A.
Are you a business owner? Have you grown accustomed to expensing – and deducting – business meals, entertainment, recreation and similar costs? If so, then you should definitely read this post.