The long-awaited Stimulus Bill known as The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law today by President Trump. This new law not only sends rebate checks to taxpayers but also rolls back several provisions of the Tax Cuts and Jobs Act. The below 2 videos cover Individual and Business Benefits from the CARES … [Read more...] about Individual and Business Provisions of the CARES ACT
Gambling - Income Tax Conundrum Article Highlights: Reporting Earnings Deducting Losses Documenting Losses Online Gambling Other Side Effects of Gambling Gambling is a recreational activity for many taxpayers, and as one might expect, the government gets a cut if you win. In fact, there are far more issues related to gambling than you might imagine, and they may be … [Read more...] about Gambling – Income Tax Conundrum
Article Highlights: Individual Provisions Business Provisions Energy Provisions Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones … [Read more...] about All You Need to Know about the New Tax Extender Legislation
Article Highlights: Able Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services The code includes a number of benefits for individuals with disabilities, but you can’t take advantage of these benefits unless you know about them and understand how they might benefit you and your special circumstances. … [Read more...] about Tax Benefits for People with Disabilities
Article Highlights: Adjusted Basis Acquisition Value Passive Loss Carryovers Installment Sale Tax-Deferred Exchange Tax on Net Investment Income If you are contemplating selling real-estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a … [Read more...] about Facing a Huge Gain from a Realty Sale?