Looking to reduce your taxable income with a donation of virtual currency to charity? The Internal Revenue Service (IRS) has issued guidance for donors (and charities) on the FAQ page of its website. The IRS addressed whether gifting virtual currency to a charity could result in income, gain, or loss. The IRS confirmed that if you donate…
The Internal Revenue Service (IRS) has issued guidance for some taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. The guidance offers relief for students whose loans have been discharged by the Department of Education and who meet specific criteria. Typically, a discharge of indebtedness is…
Ready to file your 2019 tax return? The filing season officially opens on January 27, 2020, but taxpayers can get an early start today. The Internal Revenue Service (IRS) has announced that Free File is officially open. Free File is available to taxpayers whose adjusted gross income (AGI) was $69,000 or less in 2019. You can find your AGI by…
Taxpayer asks: Ma’am I’m new to the Tax issue so if this has been asked I apologize. I’m a union Ironworker, I’ll be filing single and have made $41,000 will my tools (welding hoods etc.) still be a deduction and will my union dues be a deduction as well? Thank you for your time. Taxgirl…
The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. The IRS will begin accepting paper and electronic tax returns that day. The due date for 2019 federal income tax returns is April 15, 2020, for most individual taxpayers (sorry, it’s a Wednesday so there’s no extra time this year)….
When I first started writing about tax, I noticed that the posts that sometimes attracted the most attention weren’t always my favorites or the ones that I thought most important. I get it. Sometimes readers are looking for something crazy specific – like tax rates – or something goes viral – like the guy who paid…
Taxpayer asks: Since 2002, I have owned (via a single-member LLC) an office complex in upstate new york. I purchased it as an investment to either sell or rent. Unfortunately, this property has been vacant and producing no income as a result of town opposition to the use of the property for office purposes. Similarly,…
Taxpayer asks: If the sole owner of a home passes – is there a capital gains write off or is it lost at death? If not lost at death, is there a time limit? Taxgirl says: When an owner – sole or otherwise – of a home passes away, there’s a step-up in basis. What…
The Internal Revenue Service has announced that it has reached an agreement with Free File, Inc. (FFI). According to the IRS, the deal will help make the Free File program more taxpayer-friendly while strengthening consumer protections in several key areas. (You can read the agreement, which downloads as a PDF, here.) “This updated agreement is part of a larger effort…
Better late than never: The Internal Revenue Service (IRS) has issued the 2020 standard mileage rates. Beginning on January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for business miles driven (down from 58 cents in 2019) 17 cents per mile driven…