Personal Tax

Article Highlights: Taxpayer First ActTaxpayer Notification whena SSN is Fraudulently UsedPurpose of an IP PINObtaining an IP PINIs an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) to any U.S. resident who requests one. … [Read more...] about Should You Have an Identity Protection PIN?

October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about October 2019 Individual Due Dates

Article Highlights: MarriageBuying a HomeHaving or Adopting ChildrenGetting DivorcedDeath of Spouse Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be … [Read more...] about Life Changing Events Can Impact Your Taxes

Article Highlights: Custodial ParentDependency ReleaseJoint CustodyTiebreaker RulesChild’s ExemptionHead of Household Filing StatusTuition CreditChild Care CreditChild Tax CreditEarned Income Tax Credit If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax … [Read more...] about Who Claims the ChildrenYou or Your Ex-Spouse?

Article Highlights: Hobby LossesNot-for-Profit RulesDetermining Factors Trade or Business PresumptionHobby Tax ReportingSelf-Employment Tax Generally, when individualshave a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. … [Read more...] about Tax Issues Related to Hobbies