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Profit Statements: The P&R Blog

Tax Reform Pending? Tax Receipts Dive, Debt Soars

President Trump’s new proposal for major tax reform may be the biggest tax cut for individuals since the Reagan Administration. Along with changes to the tax code, it also reduces the current seven brackets in your individual income tax return to three, with rates of 10, 25 and 35 percent. Currently, the seven tax rates …read more.


Are you making money from your hobby?

Many people find enjoyment from hobbies, such as baking cakes, glass blowing, or crafting homemade jewelry. Some lucky folks even produce income from such hobbies. Taxpayers must report income from hobbies on their individual tax returns. The rules on how to do so differ depending on whether the activity that produced the income is a …read more.


Find some Recovery in Medical Expense Deductions

Will your medical and dental expenses affect your taxes? Though your medical costs may sometimes prove overwhelming, the IRS offers several individual income tax breaks to lessen that financial burden. Let’s discuss some tips to help you discern whether these expenses qualify as deductions come tax time. Always Keep Records: Maintaining accurate records will make …read more.


Is Your Gift Taxable?

Do you ever wonder if the federal gift tax applies to your specific gift giving? Keep in mind that gift givers—not gift recipients—are responsible for paying gift tax. In 2016, unless the value of your gift exceeds $14,000, don’t worry about gift tax, though in some cases, gift tax returns must still be filed. Further, …read more.


Avoid the IRS Imposter Agent Scam

With the ubiquitous phone and in-person scams, determining whether the Internal Revenue Service agent at your door is a fraud or an official representative of the agency can be challenging. The IRS does in fact make house calls during tax audits, often unexpected ones. We’ll help you differentiate the official from the imposter. An IRS …read more.

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Frequently Asked Questions

Q.

If audited by the IRS, who can represent you?

A.

CPAs, attorneys and a tax professional known as an enrolled agent (EA) are authorized to represent taxpayers in an IRS audit. An EA has proven their competency by passing an...

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