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IRS Automated Audit Programs Working Well – Programs aid in $2.9 Trillion 2015 tax revenue
IRS Automated Audit Programs Working Well – Programs aid in $2.9 Trillion 2015 tax revenue Each year the IRS releases a Data Book that recaps Internal Revenue Service activities for the prior fiscal year ending in September. The 2015 Data Book was recently published which recaps the 2014 tax year. Here is what you need to know: Each year the IRS releases a Data Book that recaps Internal Revenue Service activities for the prior fiscal year ending in September. The 2015 Data Book was recently published which recaps the 2014 tax year. Here is what you need to know: The
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The 1099 Economy – Get your tax moves down now!
The 1099 Economy – Get your tax moves down now! If you have a number of part-time jobs through the use of internet tools like Uber you will need to make sure you understand your tax obligations. Waiting until the year is over will be too late. With the move towards the Gig economy many more taxpayers are working for others on a part-time basis. So whether you are picking up a few dollars driving for Uber or are delivering meals for a local restaurant here is what you need to know. Employee or contractor? Determine if your employer is
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Thinking of Selling Your Home? – Understanding the Home Gain Exclusion
Thinking of Selling Your Home? – Understanding the Home Gain Exclusion Often a tax surprise occurs when selling your home. The possibility of capital gains tax should be understood before selling your residence. Here is a summary of the rules. One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need to know. The rule’s basics As
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Chances of Audit Continue to Drop – What you need to know
Chances of Audit Continue to Drop – What you need to know The IRS continues to use their audit department as a poster child to try to get more funding. The result can be seen in their declining audit rates. But do not be fooled. Here are the most recent IRS audit statistics for your review. You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited;
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