Claiming Medical Expenses

  Medical care is expensive. Even if you have the most generous health insurance policy in America, you are going to pay a lot of money out of pocket if you have an unforeseen medical emergency, or an event that requires intensive medical treatment or hospitalization. This is why it is important to understand if  … Read more

Properly Reporting Entertaining Expenses

  Entertaining expenses is an often misunderstood, and over-reported, tax deduction that can lead to unintended IRS scrutiny of a taxpayer’s return. That does not mean that a taxpayer should not take this deduction, but that the taxpayer needs to be aware of the IRS rules regarding these expenses. The IRS describes entertaining expenses as  … Read more

Reporting Losses from Theft, Casualty, and Disasters

  As a homeowner or small business owner, we try to plan for everything. However, as we have seen in recent months, there is little we can do in the face of historic natural disasters. When the unexpected or unusual happen, taxpayers are entitled to claim deductions for disasters, casualty, and theft that result in  … Read more

Self Employment and Retirement

  Self-employment offers what many Americans dream of: freedom and autonomy. With self-employment, however, also comes great risk. Legal risk. Financial risk. Emotional risk. A lot of these risks can be addressed with hard work, a sound business plan, insurance, a trusted attorney, and methodical planning. In addition, if you work for yourself, one of  … Read more

The Work Opportunity Tax Credit

  If you own a business, it is wise to look for ways to save money, such as looking at opportunities for tax deductions and credits. One such opportunity that has been utilized by businesses nationwide is the Work Opportunity Tax Credit (WOTC). Originally created in 1996, this is a federal income tax credit meant  … Read more

Tax Implications of Your Student Loans

  Going to college, or sending your children to college is a big part of the American dream. For many, it is an expectation. Sadly, college tuitions and expenses continue to rise beyond people’s income levels or beyond their savings. This compels many to take out expensive student loans, either for themselves or on their  … Read more

Teaching Your Child About Taxes

While paying taxes is hardly popular, most people accept that this obligation is a part of the American experience. Taxes pay for our government, schools, and our military, and allow our democracy to continue. Unfortunately, the process of figuring out one’s tax obligation can be confusing, even for people who have been filing their taxes  … Read more

IRS Enters Reporting Agreement With More Foreign Nations

Many American taxpayers diversify their investment portfolios by investing and holding their money overseas. There is nothing inherently wrong with this and makes sound financial sense. However, the IRS sees this money as hidden, lost tax revenue. Traditionally, the IRS has been unable to access this money as it relied on taxpayers self-reporting their foreign  … Read more

The Bitcoin Dilemma for Tax Reporting

If you have followed financial news over the past decade, then you have probably heard of Bitcoin. Introduced to the world in 2009, Bitcoin is an open-source, entirely digital currency. Since its inception, Bitcoin has been categorized by speculation, wild value swings, and the abrupt shuttering of a major currency exchange. More recently, Bitcoin values  … Read more

Reporting Foreign Assets

Many people own foreign assets. Whether it derived from your family’s country of origin, or whether it is part of a diverse investment portfolio, there may be important tax implications that come with owning this property. Since 2010, the IRS has required that specific taxpayers report information about “specified foreign financial assets” if those assets  … Read more