Profit Statements: The P&R Blog
It’s time for an income tax checkup!
Next tax season is quickly approaching, and it’s time to start planning ahead. IRS Commissioner John Koskinen recommends taxpayers check their withholding before the new tax year begins. Fine-tuning your withholding may not only give you extra cash now or save you paying a large bill in April, but will reduce your anxiety if your …read more.
Think your unpaid income taxes are forgotten? Think again! (Part 2 of 2)
You now know what to watch for to avoid being defrauded if you’re subject to an IRS collections action conducted by a private company. This next section involves knowing just who is likely to find themselves dealing with collection agencies. Below lists three basic criteria the IRS uses to decide which taxpayers to transfer, with …read more.
Think your unpaid income taxes are forgotten? Think again! (Part 1 of 2)
Budget cuts keep the IRS understaffed and unable to complete all the tasks expected of them – such as following up on long-overdue individual tax payments. If you’re wondering why you’ve yet to hear anything recently about your unpaid debt, now you know! Nearly 19 million people owe the government more than $400 billion. As …read more.
Risk Takers Beware: Don’t Gamble with the IRS!
Do you enjoy the thrill of gambling or entering contests? Then be sure to track your winnings and losses carefully as you’ll need to report them on your individual income tax return. Whether you play the lottery, bet on animal races, or visit casinos, you must report any winnings to the IRS as “Other Income.” …read more.
Tax Accounting for Senior Citizens: Unwelcome Changes Coming
For as long as most can remember, taxpayers who itemized could deduct medical expenses to the extent they cumulatively exceeded 7.5% of adjusted gross income (AGI). That is, until 2012. Beginning in 2012, The Affordable Care Act (ACA) raised the floor for most taxpayers to deduct medical expenses. Qualified medical expenses now must exceed 10% …read more.