Are You Age 50 or Older? Here Are Some Tax Tips Just For You!

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are five tax tips that could help you do just that.

Can A Cancelled Debt Be Taxable Income?

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2017. Here are seven things you should know about debt cancellation:

Advertisement

What’s the Difference Between a Refundable vs. Non-Refundable Tax Credits?

Tax credits can reduce your tax bill or give you a bigger refund but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable but before we take a look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and a tax deduction.

What Are Estimated Tax Payments?

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

Virtual Currency, Bitcoin And Taxes…

With the price of Bitcoin hitting record highs (just shy of $20,000) in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill–money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated.

Thinking of Selling Your Business? Here are Some Tax Considerations…

There are many reasons to sell a business. Maybe you’re in ill health or ready to retire. Or you’re tired of working all the time, and now that the business is profitable you’re ready to cash in. Whatever the reason, selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.

Five Tax Provisions Retroactively Extended for 2017

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let’s take a look at five of them.

Using a Car for Business: New Rules under 2018 Tax Reform Act…

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know.

IRS Dirty Dozen Tax Scams for 2018

Compiled annually by the IRS, the “Dirty Dozen” is a list of common scams taxpayers may encounter. While many of these scams peak during the tax filing season, they may be encountered at any time during the year. Here is this year’s list:

Is The Home Equity Loan Interest Still Deductible?

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled.