Rod's Blog

Could State Taxes be Hurting Your NFL Team?

Posted by Cailey Taylor on Nov 4, 2018 9:05:00 AM

Has it been a few years since your favorite NFL team made it to the Super Bowl? New research says it could be due to your state’s taxes. The recent tax overhaul, The Tax Cuts & Jobs Act, made several changes that negatively affect players who reside in states with a high personal income tax or high property tax. The Tax Cuts & Jobs Act eliminated or limited several deductions, including limiting the deduction available for state and local taxes.

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Tags: Sales Tax, Tax Cuts and Jobs Act, Tax Deductions, Tax Return, Tax Law, Tax Help, Tax, NFL

Cleaning Up Your Records After Disaster Strikes

Posted by Cailey Taylor on Nov 1, 2018 9:00:00 AM

With severe weather season finally drawing to a close, thousands of people are still working to pick up after the storm. One thing taxpayers may need to do after disaster strikes is to reconstruct their financial records. This could help you prove your losses and have the necessary documents for tax purposes or for federal assistance. Here are some ways you can reconstruct your records after a disaster.

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Celebrity Tax Trouble: October Edition

Posted by Cailey Taylor on Oct 30, 2018 9:00:00 AM

Every year, hundreds of people go to battle with the IRS and that includes a lot of celebrities. When it comes to Uncle Sam, everyone is open for levies and liens. On this month’s Celebrity Tax Trouble, two celebrities are headed to jail over tax evasion and tax fraud charges, while another fends off another tax lien after paying one off. You can catch other celebrities facing tax trouble here

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Closed Case Round Up: October Edition

Posted by Cailey Taylor on Oct 29, 2018 9:00:00 AM

Check out just a few of the FANTASTIC results achieved for our clients last month! This months closed case round up features a contractor whose severe health problems led to a large tax debt, plus a client who tried to resolve their tax issues on their own and ended up coming back to us for help.

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Tags: IRS Tax Lien, Tax Lien, Tax Levy, Student Loans, Sales Tax, Tax Court, Liens, Tax Scams, CDP, Tax Cuts and Jobs Act, Tax Law, Tax Help, tax extension, levy, audit help, Audit, Tax Deductions, Tax Return, Tax

How to Know Whether to File Married Filing Joint or Married Filing Separately

Posted by Cailey Taylor on Oct 24, 2018 9:00:00 AM

With the personal deadline passing I find a majority of people have questions on why their filing status matters. We have found that Married Filing Separately (MFS) is one of the most misunderstood filing statuses. There are many legal and personal reasons why you might choose to file separately. However, the IRS prefers you to file Married Filing Joint (MFJ) and shows preference to this by allowing certain credits only when MFJ. These include the Earned Income Credit, education credits (AOC and LLC), full child credit, dependent care credit, and the adoption credit (on the year adoption took place). They also allow MFS to amend to MFJ within the allowed amendment period. But if you filed MFJ and afterwards decided to amend to MFS, if it is past the April deadline it is not allowed.

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Tags: Wedding, Tax Cuts and Jobs Act, Tax Law, Tax Help, tax extension, Tax Deductions, Tax Return, Tax

Know The Difference: Tax Levy versus a Tax Lien

Posted by Cailey Taylor on Oct 22, 2018 9:00:00 AM

There is nothing scarier than going to your mailbox and seeing a notice of the IRS’s intent to levy you. Owing taxes can be scary enough, but when you add in the stress of being levied or having a lien placed on your property, it can be too much. If you have received notices from the IRS or you have been talking about possible problems with your taxes, you may have come across the terms Tax Levy and Tax Lien. The two are types of collection action used by the IRS to collect on an unpaid tax debt. They have some similarities and they both have stark differences you need to be aware of.

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Tags: Tax Court, Liens, Tax Cuts and Jobs Act, CDP, Tax Help, Tax Law, tax extension, levy, Tax Return, Tax Deductions, Tax, Tax Levy, Tax Lien, IRS Tax Lien

Private Debt Collectors For IRS Won't Release Percentages

Posted by Cailey Taylor on Oct 19, 2018 9:00:00 AM

The IRS reactivated a program last year that used private debt collectors to collect unpaid taxes from taxpayers with delinquent tax debts. The new program allows four designated contractors to collect outstanding tax debts on the governments behalf. The companies will get a percentage of the tax debt they are able to collect.

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IRS Clarifies Rules On Deducting Meals with Clients

Posted by Cailey Taylor on Oct 16, 2018 9:00:00 AM

The IRS is giving businesses back a break they thought they had lost due to the Tax Cuts and Jobs Act. The agency announced that companies can still deduct 50% of meals while entertaining clients and customers. The announcement cleared up confusion about whether the tax law changes had completely eliminated the benefit of writing off taking clients out to a meal.

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Tags: Tax Return, Tax Deductions, Audit, audit help, levy, Tax Cuts and Jobs Act, Tax Law, Tax Help, tax extension, Tax

Deadline for New Depreciation Deduction Fast Approaching

Posted by Cailey Taylor on Oct 13, 2018 10:48:00 AM

Time is running out for taxpayers looking to take a depreciation deduction on certain property they have used in 2017. Individuals and calendar-year corporations must generally file the election with the IRS by October 15th.

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Tags: Tax Court, Tax Return, Tax Deductions, Audit, audit help, levy, tax extension, Tax Help, Tax Cuts and Jobs Act, CDP, Tax Scams

All The Changes Created by theTax Cuts and Jobs Act Pt. 3

Posted by Cailey Taylor on Oct 12, 2018 9:03:00 AM

If you’re like most taxpayers, chances are you haven’t read The Tax Cuts and Jobs Act, which is understandable as the tax reform legislation is over 500 pages long and can be confusing and hard to understand for the average taxpayer. The good news is we’ve read through the new tax law and we can help you understand some of the major changes that will affect you and your business! Here is part three of our series of going through the different tax law changes and letting you know what the changes are and how they will affect you! Don’t forget to read Part 1 and 2 of the changes!

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