The IRS masks sensitive information on both individual and business tax transcripts as part of its ongoing efforts to reduce identity theft and protect taxpayer data.
Tips To Avoid Credit Card Debt This Holiday Season
Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever depending on credit cards to cover basic expenses due to inflation, this could lead to an ever-increasing debt load. In fact, credit card balances are approaching pre-pandemic levels, increasing by $38 billion (a 15 percent increase year-over-year) since the second quarter – the largest increase in more than 20 years (Federal Reserve Bank of New York).
Using PTE Elections to Optimize SALT Deduction Limits—PART 1
Overview
The SALT deduction cap limits federal itemized deductions for state and local taxes, including state income taxes, property taxes, and personal property taxes.
With the cap now increased to $40,000, more taxpayers can deduct state and local taxes, but PTE elections remain a powerful strategy for high-income owners, non-itemizers, and pass-through businesses seeking federal tax efficiency. The IRS continues to recognize entity-level PTE deductions under Notice 2020-75.
No Income? You Can Still Claim a Home-Office Deduction
Question: My CPA said that if I didn’t have any business income this year, I couldn’t take a home-office deduction. Is that true?
Appraisals Aren’t Just for Businesses
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. An appraisal may be necessary for many hard-to-value items, such as closely held business interests, real estate, art, and collectibles.
Paying off Debt the Smart Way
With economic volatility, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people, especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell out every cent of your hard-earned money to your lender or feel like you’re always on the verge of bankruptcy.
These tips will help you get started paying off debt the smart way and help you save extra money to pay down those debts even faster:
Can You Turn Business Losses Into Tax Relief
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years.
Who Can Represent You Before the IRS?
Many people use a tax professional to prepare their taxes. Anyone who prepares or assists in preparing all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN.
Stuck in the Middle: The Sandwich Generation
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest discussions about pressing issues such as funding children’s higher education and paying for a parent’s long-term care.