-
Beware of Fake Charity Scams Relating to Hurricane Harvey
This is a warning about possible fake charity scams emerging due to Hurricane Harvey and I encourage clients to seek out recognized charitable groups for your donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should be aware of criminals who look to take…
-
Job Search Expenses Can be Tax Deductible
Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches: Same Occupation –…
-
Income Taxes and Selling a Home
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must have: Owned the home…
-
Moving Expenses
You may be able to deduct moving expenses whether you are self-employed or an employee. Your expenses generally must be related to starting work at your new job location. However, certain retirees and survivors may qualify to claim the deduction even though they aren’t starting work at a new job location. It is important to…
-
Miscellaneous Deductions
Making the Most out of Miscellaneous Deductions Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category. They can help reduce taxable income and the amount of taxes owed. For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions. To do that, they must itemize their deductions…
-
Renting Out Residential or Vacation Property
Plan Ahead for Tax Time When Renting Out Residential or Vacation Property Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a…
-
Happy Fourth of July!
We will close the office at 1:00 this afternoon and reopen Wednesday July 5th at 9:00. Independence Day commemorates the adoption of the Declaration of Independence 241 years ago on July 4, 1776. The Continental Congress declared that the thirteen American colonies regarded themselves as a new nation, the United States of America, and were no…
-
Interest Rates Remain the Same for the Third Quarter of 2017
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: four (4) percent for overpayments (three (3) percent in the case of a corporation); 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4)…
-
We Just Returned from a Two-Day Tax Seminar
Each year we attend a two-day tax seminar put on by the Alabama Society of Enrolled Agents (ALSEA) the Monday and Tuesday before Memorial Day. Our 2017 Spring Seminar was held at the Birmingham Hilton. Our guest speakers were Ben Tallman, USTCP, EA, BBA and Dr. Roger Roemmich. The hot topic was “Trump Tax Reform”.…
