It’s my annual “Taxes from A to Z” series! Next up: S Is For Scams There have always been folks willing to take advantage of honest taxpayers but recently it feels like scams are all the rage. The Internal Revenue Service (IRS) is working to educate taxpayers about scams with the hope that the more…
It’s my annual “Taxes from A to Z” series! Next up: R Is For Rollover Building your nest egg for retirement? Most of us simply make contributions and leave it alone. Occasionally, however, there might be a situation when you need or want to move funds from one plan to another. There’s just one problem:…
It’s my annual “Taxes from A to Z” series! Next up: Q Is For Qualifying Widow(er) With Dependent Child After the death of a spouse, figuring out your taxes is probably the last thing on your mind. Uncle Sam gives you something of a tax break by allowing you to continue to file as married…
It’s my annual “Taxes from A to Z” series! Next up: P Is For Personal Property Taxes Most taxpayers are used to the idea that they can deduct taxes paid on real property. Real property generally includes land and improvements. Most commonly, those improvements are buildings. You most likely identify the “improvement” on your land…
It’s my annual “Taxes from A to Z” series! Next up: O is for OID OID stands for Original Issue Discount. You’ll likely hear this concept discussed in the context of bonds, and you might even have received a Form 1099-OID. There are many sophisticated OID concepts, but we’re going to focus on the most…
It’s my annual “Taxes from A to Z” series! Next up: N is for nonrefundable tax credits A credit is a dollar for dollar reduction in the amount of tax you owe. There are two types of tax credits: A refundable tax credit can reduce your tax liability below zero. If the amount of the…
It’s my annual “Taxes from A to Z” series! Next up: M Is For Municipal Bonds Chances are, if you have an investment account, you own municipal bonds. More than 60% of municipal bonds are owned by individuals, often through mutual funds. Municipal bonds are generally private investments in state and local government projects like…
It’s my annual “Taxes from A to Z” series! Next up: L Is For Legal Expenses Let’s get this part out of the way right off the bat: nobody likes to pay lawyers. I get it. Not only am I a lawyer but I’ve hired my share of lawyers. But lawyers help solve problems and…
It’s my annual “Taxes from A to Z” series! Next up: K Is For Koskinen On December 23, 2013, John Koskinen was sworn in as the 48th Commissioner of Internal Revenue Service (IRS). As Commissioner, he’s in charge of our nation’s tax system. It’s a big job and one that hasn’t gone terribly smoothly over…
It’s my annual “Taxes from A to Z” series! Next up: J Is For J Visa If you are lawfully present in the United States, figuring out your tax situation can be tricky. But it’s also extremely important to get it right since taxes can directly impact your immigration situation. Failure to file properly can…