When you sell securities in a taxable investment account, you have to know your “basis” in the securities to determine whether you have a gain or a loss on the sale — and the amount — for tax purposes. Generally, your basis is the price you paid for the investment, adjusted for the costs associated […]
Archives for December 2020
Learn About an IRS Payment Plan
Not everyone gets a refund. Sometimes you owe money to the IRS — and it could be a lot. Fortunately, the IRS offers options. If you’re a qualified taxpayer or an authorized representative through a power of attorney, you can apply online for a payment plan, which will include an installment agreement to pay off […]
Business Equipment – Lease or Buy?
To lease . . . or not to lease. This is an issue business owners often face. If you are weighing the pros and cons of leasing versus buying, here are some things to keep in mind. Cost Evaluating costs is more complicated than comparing the price of leasing a piece of equipment versus its […]
SPECIAL REPORT: SHOULD I HIRE A PROFESSIONAL TO HELP RESOLVE MY IRS PROBLEMS?
SHOULD I HIRE A PROFESSIONAL TO HELP RESOLVE MY IRS PROBLEMS? Sometimes taxpayer’s with IRS tax problems decide to face the IRS on their own. Sometimes they hire a professional like a CPA, Attorney or EA, but not someone who specializes in tax resolution. The best thing to do when faced with an IRS Problem […]
Planning for the 3.8% Investment Tax
Higher income investors need to plan for the 3.8% “unearned income Medicare contribution” tax. This 3.8% tax was enacted as part of the 2010 health care overhaul. Some Details The tax applies only to taxpayers with modified adjusted gross income (AGI) above these levels: $200,000 (single/head of household), $250,000 (married filing jointly/surviving spouses), or $125,000 […]
Do You Need A Tax Attorney if You Owe Back Taxes?
If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing. When […]