Uncategorized What to keep and how long 29 Apr 202329 Apr 2023 The main record to keep is your Form 1040, along with attached schedules and forms, because it shows that you fulfilled your tax-filing obligation and it can be handy for…
Uncategorized Presidential Tax Returns 26 Apr 2023 President Joe Biden and his wife, First Lady Jill Biden, made their 2022 tax return public. As did Vice-President Kamala Harris and Second Gentleman Douglas Emhoff.You can download or view…
Uncategorized An Interesting Take on the Powerball Lottery 9 Nov 2022 The recent world's largest lottery jackpot is discussed in "How to think about Powerball's record '$2 billion' jackpot like an economist" including The world's largest lottery drawing ever was no…
Uncategorized Tax preparers are balking at crypto currency challenges 20 Sep 2022 The main Crypto Currency challenge for tax preparers is that clients do not provide appropriate sales reports for all of their transactions across all crypto currency platforms and exchanges. Tax…
Uncategorized Student Loan Forgiveness = State Income 31 Aug 2022 According to the Tax Foundation, as quoted by Forbes Magazine, 13 states could treat President Biden’s student loan forgiveness initiative as taxable income to borrowers. The states are Arkansas, Hawaii,…
Uncategorized Newlywed? 2 Aug 2022 Name and address changes: Individuals who change their name after marriage should report their name change to the Social Security Administration (SSA) as soon as possible. The name on an individual’s…
Uncategorized 2022 Change to Standard Mileage Rates 22 Jun 2022 Your corporation is allowed to reimburse you for your business mileage throughout the year if you provide the company with evidence. Unlike partnerships and sole proprietors, a corporate entity must make a reimbursement payment…
Uncategorized How to Accurately Report the amount of Economic Stimulus Payment received 18 Feb 202216 Feb 2022 A Taxpayer is responsible for accurately reporting the amount of Economic Stimulus Payment received during the tax year. The primary sources for this information are confirmation letters from the IRS…
Uncategorized Elon Musk’s Schedule A and the “Biggest Tax Bill in History” 16 Feb 2022 Schedule A is used to Itemize Deductions, such as major medical expenses, taxes paid, mortgage interest and charitable donations. ------------------------------------------------------- (Excerpt from Yahoo Finance) The world’s richest man donated more…
Uncategorized The National Taxpayer Advocate’s annual report to Congress highlights these continuing IRS problems 18 Jan 202213 Jan 2022 Extraordinary processing and refund delays for tens of millions of taxpayersRecruitment, hiring, and training issues negatively affect all aspects of the agency's operations.Telephone and in-person service has declined considerably during…
Kenneth Athon Tax Strategies 