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
Introduction Federal taxes play a critical role in funding public services, infrastructure, national defense, healthcare programs, and other essential government functions. While tax obligations can sometimes feel overwhelming, maintaining compliance with federal tax filing and payment requirements is one of… Read More »Why Staying Tax Compliant Matters
For many taxpayers, a dispute with the IRS feels like a financial problem. What surprises many people is that serious unpaid tax debt can also become a travel problem. Under federal law, the IRS may notify the U.S. Department of… Read More »Can Your Tax Debt Threaten Your Passport?
What every owner needs to know Over the years, many clients had single-family homes (and sometimes duplexes or triplexes) that were traditionally rented long-term—typically 6 months to a year. In many cases, these properties incurred tax losses because expenses exceeded… Read More »Tax Tips When Converting a Long-Term Rental to Short-Term
