Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI…

The IRS just launched a new Tax Withholding Estimator on its website.  This new tool is completely redesigned and much more user-friendly than the old version. Why should I check my withholding? After the new…

As summer winds down and you’ve enjoyed your vacation time these past few months, are you now considering investing in a vacation home? If you’re curious about the tax implications of a second home and…

With the proliferation of cell phones, and the corresponding accessibility of you to your employer, invariably most employees are receiving and making business calls on their cell phones. This could mean a tax deduction in…

The heat is definitely on, but there are plenty of ways to chill out, both personally and to put your 2019 tax bill on ice. As we reach the half-way point of 2019, you should…

When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this…

The short answer is “very complicated.”  In an effort to depict the various processes and decisions that a taxpayer may face while filing and paying taxes, the IRS Taxpayer Advocate Service published a roadmap that resembles…

Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money…