Offset Nursing Home Costs With Possible Tax Breaks
If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical expense deductions The costs of qualified long-term care (LTC), such as nursing home care, may be deductible as […]
Beware of “Wash Sales” When Selling Securities
If you’re planning to sell stock or other securities at a loss to offset gains you realized earlier in the year, beware of the “wash sale” rule. It comes into play when an investor wants to realize a loss on a security for tax purposes while continuing to invest in the security. Under the wash […]
Year-end Gifts And The Gift Tax Annual Exclusion
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your gift tax annual exclusion, those gifts can reduce the size of your taxable estate. For 2022, the annual exclusion is $16,000. The exclusion will increase to $17,000 for 2023. […]
What’s Your Taxpayer Filing Status?
For many people, December 31 means a New Year’s Eve celebration. However, from a tax perspective, it’s a key date in determining the filing status you’ll use when filing your tax return for the year. The one you’ll use depends partly on whether you’re married on that date. The five statuses When you file your […]
6 Key Tax Questions for 2023
Right now, you may be more concerned about your 2022 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have changed for 2023. Not all tax […]
SECURE 2.0 Law May Make You More Secure In Retirement
A new law was recently signed that will help Americans save more for retirement, though many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) is meant to build on the original SECURE Act of 2019, which made major changes to the […]
TAS Success Story: TAS facilitates an acceptance of a taxpayer’s offer in compromise
Every year the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer issues. All personal details are removed to protect the privacy of the taxpayer. A taxpayer filed an offer in compromise (OIC) because they were unable to pay […]
TAS Careers: Legal Tax Advisor
We are Hiring Legal Tax Advisors The Taxpayer Advocate Service (TAS) offers a unique opportunity to advocate for taxpayers who experience difficulties with protecting their rights or with hardships in resolving their tax issues. Our employees work on a wide range of issues related to tax processing, taxpayer assistance and improving tax procedures. As part […]
NTA Blog: EITC Awareness Day Is January 27: The Earned Income Tax Credit is an Important and Confusing Credit for Eligible Taxpayers
The tax year (TY) 2022 filing season kicked off on January 23, 2023. Each filing season, taxpayers face a variety of challenges, including choosing a qualified return preparer, locating a volunteer tax return preparation site, selecting tax preparation software, and understanding what they need to include on their income tax returns. One important tax benefit many […]
NTA Blog: The IRS Must Be Proactive in Issuing Timely and Clear Guidance to Resolve Tax Reporting Ambiguities
I have written frequently about the burdens the complexity of the Internal Revenue Code imposes on taxpayers and the IRS alike. One of the burdens it imposes on the IRS and its Office of Chief Counsel is the responsibility to clarify ambiguities in the law and make reporting requirements workable so that taxpayers, tax professionals, […]