Archives

May
22
2019

Selling your home?

Selling your home? Consider these tax implications 05_14_19_168769007_itb_560x292.jpg

Depending on where you live, you may see “for sale” signs dotting the landscape. Spring and summer are the optimum seasons for selling a home. So it’s a good time to review the tax implications. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain, so long as you meet certain tests. For example, you must have owned the property for at least two years during the five-year period ending on the sale date.

May
14
2019

2019 – 05/06 – What type of expenses can’t be written off by your business?

If you spend money in the course of doing business, you want to be able to deduct it on your tax return. But in order to write off expenses, they must meet certain requirements. Under federal tax law, you can deduct “ordinary and necessary” business expenses. In general, an expense is considered ordinary if it’s common or customary in the particular trade or business. A necessary expense is defined as being helpful or appropriate. In order to be deductible,

May
06
2019

2019 – 05/07 – Check on your refund — and find out why the IRS might not send it

Are you wondering where your tax refund is? According to the IRS, most refunds are issued in less than 21 calendar days. If you’re curious about when yours will arrive, you can use the IRS “Where’s My Refund?” tool. Go to https://bit.ly/2cl5MZo  and click “Check My Refund Status.” In some cases, taxpayers may be notified that all or part of their refunds aren’t going to be paid because they’re going to “offset” past-due debts.

May
04
2019

Try the IRS Withholding Calculator

Were you unsatisfied with the results of your 2018 income tax returns? Perhaps you had a big surprise: Maybe you owed the government a lot of money. Or, you got a refund much larger than expected, money you could have used during the year. Either way, it’s a good time to make a withholding adjustment. Keep in mind that we’re already 5 months into the calendar year. If you need some help deciding on the adjustment amount,