Tag Archives: Tax-time

Amazon May Be Collecting Taxes Soon

The state of Mississippi is now requiring that any company that sells items through the mail above $250,000 per year will be subject to collecting the state’s sales tax.  This means that companies such as Amazon and Quill will be … Continue reading

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It’s a Girl

Egg donors have to go through a barrage of tests and hormone therapies and as such are compensated rather well. The payout for enduring the process generally runs around $50,000 for those who make it through. In Perez v. Commissioner … Continue reading

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Do You Believe in Miracles

The United States Olympic Committee awards cash prizes for bringing home the gold, and silver and bronze. These prizes are taxable despite complaints from lawmakers that, like the games themselves, roll around every couple of years. However, for most athletes … Continue reading

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No Tax Refunds until February 15, 2017

Due to a new law, the IRS will not be issuing tax refunds on the Earned Income Tax Credit and the Additional Child Tax Credit until February 15, 2017.  The IRS will hold the entire refund until February 15, 2017. … Continue reading

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End of the Year Tax Tips

According to Xero.com, here are a few end of the year tax tips for everyone to consider: Determine employee bonus payments and withhold the required tax amounts. Pay all vendors by year end. Prepare all payroll records. Review your profit … Continue reading

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Stolen Identity on your Tax Return

More than 80% of Americans file their income tax returns after April 1.  However, if you do not file early, you leave the potential for an identity thief to file a fraudulent tax return in your name, claiming a big … Continue reading

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Donations to Presidential Candidates

Don’t be fooled!  A donation to a political campaign or a political action committee is not deductible.  Also, donations to non-profits with clear political agendas are not deductible. If you are in tax trouble and need some help, contact our … Continue reading

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Taxpayer Bill of Rights

The IRS has issued bill of rights that every taxpayer has, and some of them are: You have the right to receive a tax notice informing you of the tax, interest, and penalties that the IRS claims you owe. If … Continue reading

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Over-looked Tax Deductions

The end of this month marks the halfway point for the tax season.  If you haven’t filed yet, or you have filed but may want a second look, don’t forget about these often-over-looked deductions:  Investment losses up to $3,000 from … Continue reading

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Family Loans

If you have ever made a loan to your spouse’s family member with no chance in sight of getting your money back, you may be able to get Uncle Same to help you out. A nonbusiness bad debt can be … Continue reading

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