Tax related

Article Highlights: Tax CreditCredit Phase-OutTeslaGeneral MotorsDetermining the CreditOff-Road Vehicles and Golf Carts             Allocation Between Business and Personal UseCredit Reduces BasisBusiness Standard Mileage Back in 2009 Congress created a tax credit for the purchase of electric vehicles as … [Read more...] about Electric Vehicle Credit on the Decline

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly state items on your tax return. But were you aware that sometimes, the IRS can issue penalty abatements if you believe you’ve been penalized … [Read more...] about What is an IRS Penalty Abatement and Am I Eligible for One?

Article Highlights: Nursing HomesMeals and LodgingHome CareNursing ServicesCaregiver AgenciesHousehold Employees Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated … [Read more...] about Eldercare Can Be a Medical Deduction

Article Highlights: IRS NoticesCP Series NoticeAutomated NoticesFrequent ErrorsID TheftWhat You Should DoWhat We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund is all but gone. However, the IRS still sends letters that can increase taxpayers’ heart rates;because of … [Read more...] about What to Do If You Receive a Dreaded IRS Letter

Article Highlights: Definition of Tax BasisCost BasisAdjusted BasisGift BasisInherited BasisRecord Keeping For tax purposes, the term “basis”refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you thensellthose shares for $3,000,the gain is … [Read more...] about Why Tax Basis Is So Important