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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 »When Tax Debt Threatens 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

Health Savings Accounts (HSAs) are a great way to save money. Unlike any other tax-advantaged account, they provide a triple tax benefit: 1. Contributions are tax-deductible. 2. Monies inside the HSA grow tax-free. 3. Withdrawals are tax-free if used for… Read More »Inherited HSA (Health Savings Account)

You plan to send special occasion or holiday gifts to one or more colleagues, referral partners, and select customers, and you want to deduct the cost. You can take a deduction, but the IRS limits you to $25 per recipient… Read More »Deducting Business Gifts

Many taxpayers don’t realize that simply failing to file a tax return can mean permanently losing money that is rightfully theirs. Over the years—first during my time working at the IRS and now in private practice—I’ve seen this happen far… Read More »Loss of Refund for Unfiled 2022 Return

Many married couples form an LLC to own rental property to obtain liability protection. After they create the LLC, they often ask an important tax question: Does the LLC force them to file a partnership return? The answer depends largely… Read More »LLC Ownership of Rental Property

Executive Summary Many taxpayers (and even some practitioners) assume that filing a federal extension automatically extends their state income tax return. That assumption can be costly. While some states accept the federal extension, others grant automatic extensions, and a few… Read More »State Income Tax Extensions