ACA Premium Tax Credit Could Cause a Scare

ACA Premium Tax Credit Could Cause a Scare
I had a bit of a scare filling out a client’s Form 8962, which calculates the Premium Tax Credit (PTC) related to health insurance plans bought on the Health Insurance Exchanges. I thought I’d spread the news along for anyone who falls into this same situation over the next few years (unless the Exchanges totally ...

Best Day Of The Year: 2015 Excel Tax Returns Released

Best Day Of The Year: 2015 Excel Tax Returns Released
Thanksgiving is nice and all, and Christmas is great for the kids, but we know what the real best day of the year is: the day we can finally do our tax returns in Excel. I know, I know, it’s not quite perfection with the IRS not accepting the returns in that format (the Luddite swine ...

Cracking The Secrets to Rental Property Tax Deductions

Cracking The Secrets to Rental Property Tax Deductions
A few weeks ago, a friend of mine asked me to compare some of the tax and economic consequences of purchasing a house under various situations. It was a great idea. As I started writing, though, I realized that I should probably touch on the tax consequences of each scenario first before I tried to compare them all. Especially since one ...

Casualty Loss Deduction – Special Cases

Casualty Loss Deduction - Special Cases
In two previous posts I discussed theft loss and casualty loss, which combine together like Voltron for your Theft and Casualty Loss Deduction on a tax return. Since this is a complicated topic (what tax topic isn’t?), we still have a few more random items to discuss before we’re all the way through. Loss on ...

Last Minute Deduction – Donate to Families of Slain Cops

Last Minute Deduction - Donate to Families of Slain Cops
When you’re a week from the tax filing deadline, there’s only a couple things you can do to lower your tax liability. This year there’s one more option on that very short list: a new, last minute deduction just signed into law that allows you to claim a 2014 deduction for 2015 donations to charities aiding ...

Taxes and Destruction – The Casualty Loss Deduction

Taxes and Destruction - The Casualty Loss Deduction
While growing up in Redding, California, the disasters rolled around every year like our SimCity god was bored of our typical day to day living. If we didn’t suffer massive flooding and storm damage in the winter, then we could look forward to uncontrolled fires in the summer. Catastrophic events hit throughout the nation all the time, ...

VIDEO: How to Prepare a 1040 – Part 2

VIDEO: How to Prepare a 1040 - Part 2
Here’s a continuation of my video series on how to prepare a 1040. Video 1 can be found here.

VIDEO: How to Prepare a 1040

VIDEO: How to Prepare a 1040
Here’s the next video in my series: how to prepare a 1040. This is a complex topic, so this is video 1 of 2. Part 2 can be found here.

Tax Loss – Handling Net Operating Loss for Small Businesses

Tax Loss - Handling Net Operating Loss for Small Businesses
As the old cliché goes, you’ve got to spend money to make money. Sometimes that means the small business you’re trying to get off the ground has losses for a year or two, including a tax loss on your tax return. Does that big red number on the bottom of your return do you any good, ...

How To Handle an IRS Notice

How To Handle an IRS Notice
I’ve been reading Game of Thrones recently, and one of the sayings that keeps showing up is “dark wings dark words,” which is to say that carrier ravens (because carrier pigeons don’t have enough death to them for George R. R. Martin) always bring bad news. Considering the symbol attached to the corner of every ...