The IRS, or Internal Revenue Service, is the agency in the federal government responsible for regulating and collecting taxes. Learn more here about your taxes and what the IRS does in these articles, columns, blog posts, videos and radio shows.
When, Why, and How Should I File for an Extension?
Right around this time of year, the tax dance heats up and the pace gets frantic. It’s the time when tax professionals have to try to keep up with the frenetic twists and turns of emerging tax laws, deadlines, IRS announcements, and warnings. But don’t finalize your tax return just because the April 15 tax-filing [...]
Four Tax Tips for Same-sex Couples
2013 is shaping up to be an exciting tax year for same-sex couples. This month, the Supreme Court has agreed to hear two cases that can change both federal tax laws and marriage laws. Who will be affected? These federal tax changes will affect same-sex couples who are legally married, as well as registered domestic partners (RDPs). It [...]
Unemployment Taxes and Other Surprises
Each year, the IRS sends out charming letters telling you that you didn’t report some income on your tax return. Sometimes those CP-2000 letters come as good news, like one did for a client of mine with Alzheimer’s disease whose family found $100,000 worth of bank accounts when the IRS notice showed unreported interest income. But often [...]
Selling Your Home in a Short Sale: Is a Short Sale Worth it?
Selling you home in a short sale: Is a short sale worth it? A short sale can affect your credit, but you get a break from the IRS in 2013. Q: Our daughter and son-in-law are looking into using a company that sells new homes but agrees to lease your current residence for six months. [...]
Don’t Wait to Open a Separate Checking Account for Your Small Business
There is a lot of bookkeeping that has to happen when you first start a business. This is important not only so you can run your business successfully but also so that when tax season rolls around—or worse, you get audited—you have pristine paperwork to present to the IRS. As tax professionals, we help a [...]
Ilyce Glink Show – Rebuilding American Homeownership with Tax Advice – March 3, 2013
WSB Radio’s Ilyce Glink Show. Rebuilding American homeownership; expert advice for paying taxes and getting tax deductions from the IRS. We are rebuilding American homeownership on WSB Radio’s Ilyce Glink Show, and today we will be talking about how to navigate this tax season and get every last deduction you are entitled to. I’ll provide [...]
Do I Need to Pay Taxes on My Loan Modification?
Want to know if you need to pay taxes on a loan modification? We answer a question about loan modification today. Q: I modified my home loan last year following my divorce at the end of 2011. My first new payment on the modified loan was at 3.1 percent, down from a 9 percent rate. [...]
Seven Payroll Mistakes You Can’t Afford to Make
You will find many exciting new opportunities when starting your own small business. You’re taking your ideas and your passion into the marketplace, perhaps realizing a lifelong dream or making a lifestyle change. However, some aspects of running a business can take you away from your core focus. Still, they need to be done, and [...]
Retroactive Tax Changes from the Fiscal Cliff
We waited and waited all through 2012. Finally, after the calendar flipped over to 2013, our legislators agreed on tax legislation. Some of it gave us permanence in long-disputed areas. Other parts of the legislation are temporary—they work as stopgaps to allow taxpayers to function for the next year or so. Included in the legislation [...]
Tax Withholding Changes for 2013
As you’ve probably realized by now, your paycheck is just a little smaller than it was in 2011 and 2012. For two years, we had the privilege of paying 2 percent less into our Social Security accounts to help stimulate the economy, but that benefit was eliminated for 2013. So what does that mean for [...]