Hobbies are an important part of our lives. They offer stress relief, the opportunity to develop new skills, the ability to escape from the rigors of our everyday lives, and are an important part of allowing us to remain vital and active into our twilight years.
The IRS recently issued Notice 2017-10 addressing flaws in what are known as "syndicated conservation easements." The IRS has stressed that legitimate conservation easements (when the owner of land gets a tax deduction for donating use of the land is for a protected purpose such as wildlife or wetland preservation, grazing, historical importance, etc.) are not meant to be impacted by this Notice.
Most tax documents are required to be sent by January 31st of each year. As you start to compile your tax documents, consider these tips before hiring a tax preparer.
In ancient Greece, a community of people called Pythagoreans attributed mystical and even sacred qualities to certain numbers and geometric forms.
With a new income tax filing season getting underway, now is naturally the time to think about avoiding a tax audit. And if you happen to be already facing an audit, you want to know what you’re getting into.
The end of the year is a natural time to think of charitable giving. It's an opportunity to support organizations whose work you care about while making intelligent use of the charitable deduction for tax planning purposes.
As always, wealthy taxpayers face a significant chance of IRS scrutiny. While IRS audits are not occurring at the same rates as in the past, individuals with considerable wealth still face a significant chance of having their tax returns audited.
The budget woes of the IRS have been an ongoing thread in this blog for several years. How could it be otherwise, when Congress has so consistently refused to fully fund the agency responsible for collecting the nation's taxes?
If you received a Head of Household (HOH) audit letter from the California Franchise Tax Board (FTB), you have some hoops to jump through. If you get such a letter and don't take action to verify your HOH status, it could cost you a lot of money on your taxes. It could also put you at risk for a tax penalty for understating your income.
It’s almost been six months since the tax deadline passed. Taxes have probably been the last thing on your mind over the summer. That can change quickly when an envelope arrives in the mail with the IRS logo in the upper left corner, however.