by Pierre Philantrope | Oct 21, 2020 | Tax Tip
Many taxpayers have been audited by the IRS because they illegally claim either the earned income tax credit (EITC) and child tax credit (CTC) or other credits because they claimed their children on their tax return. In many cases, the credits were disallowed because...
by Pierre Philantrope | Oct 14, 2020 | Tax Tip
The COVID-19 pandemic is still impacting our lives. You may be spending more time working from home. It is likely that you may have taken some extra rooms or a corner of your home for your business use.IRC Section 280A(c) states that you may claim a home office based...
by Pierre Philantrope | Oct 7, 2020 | Tax Tip
The deadline to file your tax return, if you requested an extension, is October 15. It is reported by the IRS that an estimated 11,000,000 taxpayers do not file their tax return each tax year period. As a result, every tax year million of taxpayers leave unclaimed...
by Pierre Philantrope | Sep 29, 2020 | Tax Tip
All financial transactions have tax consequences, including divorce. The tax consequences that come with divorce have changed for tax years 2018 and later because of the new tax law (Tax Cuts and Jobs Act of 2017 (TCJA). As a general tax rule, in a divorce you can...
by Pierre Philantrope | Sep 23, 2020 | Tax Tip
Many taxpayers who did not receive income from self employment have a schedule C or A attached to their Form 1040 that causes in some cases an understatement of tax liability and in other cases an overstatement of refund. There are instances where the schedule C is...
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