A residential rental property can produce a tax loss even when rent covers its cash expenses. Depreciation and deductible operating expenses can cause expenses to exceed rental income. Whether that loss reduces your other taxable income depends on the passive… Read More »Rental Property Losses: Understanding the $25,000 Allowance and Carryovers
The 2025 tax legislation created a new type of tax-advantaged account for children known as a Trump Account. Contributions to these accounts began July 4, 2026, and parents and grandparents should understand both the potential benefits and the significant restrictions.… Read More »Trump Accounts: A New Tax-Advantaged Savings Account for Children
Receiving IRS Letter 3172 can be unsettling. The title—“Notice of Federal Tax Lien Filing and Your Right to a Hearing Under IRC 6320”—may sound as though the IRS is about to seize your home, business, bank account, or other property.… Read More »IRS Notice 3172: What a Federal Tax Lien Really Means
If your first house-flipping project ends in a loss, don’t assume you’re limited to deducting only $3,000 per year as a capital loss. Depending on your specific facts, you may qualify to deduct the entire loss in the current year.… Read More »Flipping Your First House
Artificial Intelligence (AI) is rapidly changing the way businesses and government agencies operate. Now, the Internal Revenue Service has joined that movement by implementing Salesforce’s AI platform known as Agentforce. The IRS “AI” deployment will impact how practitioners prepare and… Read More »Agentforce – IRS’s New “AI” Resource
One of the biggest misconceptions I encounter is that if a U.S. citizen moves overseas and earns income in another country, that income is automatically exempt from U.S. taxation. Unfortunately, that is not the case. Unlike most countries, the United… Read More »Is My Foreign Income Tax Free?
One of the most misunderstood areas of federal income taxation involves the treatment of gambling winnings and losses. Many taxpayers assume that if they win $20,000 during the year but lose $19,500 overall, they simply report a net gambling profit… Read More »Are Gambling Losses Deductible?
Starting or buying a business often requires significant spending before the business officially opens. Fortunately, the tax law allows you to deduct at least some of these costs instead of waiting until you sell the business to receive a tax… Read More »Starting a New Business
I am going to address personal income tax returns, but the following is applicable to most types of tax liabilities. Generally, filing and payment of individual taxes (Form 1040) are due April 15th of every year. You can file Form… Read More »IRS Late Filing or Payment Penalties
Donating non-cash property to charity can provide a valuable charitable tax deduction. In many cases, you may deduct the property’s fair market value on the date of the donation. However, the IRS closely scrutinizes these deductions because of past abuses… Read More »Property Donations over $5,000
