Rod's Blog

In late 2015, Congress passed the Fixing America's Surface Transportation Act (also known as the FAST Act), designed to "authorize funds for Federal-aid highways, highway safety programs, and transit programs". It's a 305 billion dollar, five-year bill, and most Americans won't have to pay for it. Instead, funds will be raised through new regulations, effective as of March 2017, revoking the passports of delinquent taxpayers. At Polston Tax, we're always here for our clients, even when they find themselves in a pickle because of what the FAST Act calls "seriously delinquent tax debt". In today's Rod's Blog, we're going to take a look at the new rules regarding passport restriction, and strategies you might need to get your passport back.

Let's say that you're lucky enough to hit it big at the track or the casino. Any winnings you have are taxable, and the IRS is consistently updating and revising its rules on how the successful gambling man can pay his taxes.

Pretty much everybody shops online nowadays. But if you make a living through digital retail, there's a recent Supreme Court decision you should know about: Direct Marketing Association v. Brohl. The suit revolved around whether or not Colorado purchasers must pay a 2.9% "use tax," if they purchase an item online from a business outside the state of Colorado. The Court ruled, with a unanimous decision, in favor of the tax.

Since 2003, the IRS has partnered with the private sector to bring the Free File program to American Taxpayers. Free File enables taxpayers with an adjusted gross income of $64,000 or less (which is approximately 70 percent of the nation) to use brand-name tax filing software for absolutely free. Since 2003, more than 49 million people used Free File, saving more than $1.4 billion. At Polston Tax, it's our pleasure to bring services like these to our clients' attention, and to answer any questions they might have.

The tree's been thrown out, the ball has dropped, and the Christmas decorations have (hopefully) been taken down. That means that we here Polston Tax are back to work, and our first order of business is to prepare our clients for the New Year. Tax season is fast approaching, and the IRS has made a number of changes that taxpayers should keep in mind when they file. So we've created a small list to help our clients prepare and ensure that your filing goes as smooth as it possibly can.

The IRS is a big, complicated organization, and sometimes things slip through the cracks. At the Law Offices of Rod Polston, we watch for any mistakes the IRS has made and any actions they plan to take to resolve them, just in case it affects any of our clients. Between 2012 and 2013, the IRS failed to identify approximately 1.9 million non-filers. That amounts to a gigantic tax gap: an estimated $7.4 billion in owed taxes (as of this year). So in today's blog, we're asking: How did this happen, and what comes next? 

If you or anyone close to you has ever had to make an offer in compromise to the IRS, you know how frustrating the process can be. And while the IRS has recently taken steps to improve their process, a new report suggests it still has a long way to go. 

They say that giving is its own reward, and for your taxes, that's literally true. The IRS offers substantial deductions for charity, and especially for charity-related travel expenses. We here at Polston feel a strong connection with the generous folks who give to charity, and this week, we wanted to give a little bit back ourselves. Here's all the steps you need to take to ensure you can deduct charity-related travel expenses when you file. 

As 2016 comes to a close, tax season is rapidly approaching. In order to ensure a smooth and easy filing process, it’s never too early to start preparing for your tax returns. Careful preparation now can mean avoiding delays in receiving your tax refund later. 

Whether it's a house, apartment, mobile home, or whatever, owning a vacation home is a wonderful thing. It's the perfect getaway, and can double as a great source of income should you decide to rent it out. Of course, any money you make from a vacation home is taxable, and at Polston want to make sure your perfect getaway doesn't turn into the perfect headache. So here are a few things to consider, tax-wise, if you rent out your vacation home.