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...
by Pierre Philantrope | Sep 16, 2020 | Tax Tip
Taxpayers are liable for every position taken on their tax return. When a taxpayer signs the return, the taxpayer attests under penalty of perjury that the statement made or the position taken on the return is accurate to the best of his or her ability. However, the...
by Pierre Philantrope | Sep 9, 2020 | Tax Tip
A taxpayer should not ignore a tax debt whether it is owed to a state Department of Revenue or to the IRS. The Internal Revenue Service collection activities are in effect. Even during the pandemic, some taxpayers are finding out how some states are rigorously...
by Pierre Philantrope | Sep 2, 2020 | Tax Tip
There are several ways to legally lower your tax liability. Many taxpayers and businesses have used them over years to minimize their taxable income and thus lower their tax due. Besides the most commonly used tax deduction or reduction items, some others are often...
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