On jointly filed tax returns, each spouse can be 100 percent responsible for back taxes caused by errors or omissions. The tax issues started when the wife was accused of embezzling almost $500,000 from her employer in 2010 and 2011. After a conviction for theft, she was sentenced to prison. The husband got a surprise whencontinue reading…
Got tax debt? The government could seize your business’ property.
Tax obligations can result in serious consequences. Businesses that fall behind in tax obligations can face more than stiff penalties from state and federal agencies, they could face loss of property. How could I lose my property? Depending on the details of the tax obligations, the government could legally seize your property. How common are propertycontinue reading…
Goodbye deductions: 3 popular tax deductions no longer available
The Trump administration touted the Tax Cuts and Jobs Act (TCJA) as tax reform that led to savings for most taxpayers. Although taxpayers will experience a doubled standard deduction and higher tax credits, there are some things that were taken away that may also impact your future tax returns. One example: deductions. The TCJA removedcontinue reading…
3 things you need to know about 2019 income tax returns
The Tax Cuts and Jobs Act (TCJA) was touted as tax reform that would shorten tax forms and increase tax savings for most Americans. Whether or not these promises will hold true is not yet known, but here is what we know so far: Shortened form: One of the promises was a shortened 1040 income taxcontinue reading…
Two ways the TCJA impacts 529 plans
The 2017 Tax Cuts and Jobs Act (TCJA) resulted in massive tax reform. The changes impact many areas of tax law, including how we save for college. The new tax law has directly impacted 529 education savings plans. This piece will provide basic information on these changes and help taxpayers navigate this specific area andcontinue reading…