Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them.
Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should:
Update emergency plans. A disaster can . . . → Read More: All Taxpayers Should Plan Ahead for Natural Disasters
The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home:
Ownership and use To claim the exclusion, . . . → Read More: Tax Tips for Taxpayers to Consider When Selling Their Home
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.
Here are some questions and . . . → Read More: Taking Care of Business: Recordkeeping for Small Businesses
3/19/19 IRS reminded taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019.
This . . . → Read More: Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns
The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules.
Electronic filers may not notice these changes . . . → Read More: There is NO MORE Form 1040A or 1040EZ – Six New Schedules Some Taxpayers Will File with New Form 1040
Victims of March 3rd tornadoes and severe storms in Alabama have until July 31, 2019, to file certain individual and business tax returns and make certain tax payments.
The IRS is offering this relief to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, . . . → Read More: IRS Extends April 15, Other Upcoming Deadlines for Alabama Storm Victims, Provides Other Tax Relief
When someone legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons:
Taking their spouse’s last name after a marriage Hyphenating their last name with their spouse’s after getting married Going back to their former name after a divorce Giving . . . → Read More: Here’s How a Name Change Affects a Tax Return
By William Houston Brown, United States Bankruptcy Judge, Retired; Editor/Adviser, The Academy
On April 1, 2019, an increase takes effect in those dollar amounts in the Bankruptcy Code that are subject to adjustment every three years.1 The following increases have significance in everything from the eligibility maximums for filing under Chapters 12 and . . . → Read More: Dollar Amount Increases in Bankruptcy Code
As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so.
For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ are no longer available. Taxpayers who previously . . . → Read More: Here’s What Taxpayers Should Consider When Determining If They Need to File
By Isabel C. Balboa, Chapter 13 Standing Trustee for the District of New Jersey (Camden)
The American College of Bankruptcy will mark its 30th anniversary in 2019. The College consists of more than 800 Fellows, representing the highest caliber of insolvency professionals. The College is comprised of scholars, judges, lawyers, financial professionals, international Fellows . . . → Read More: American College of Bankruptcy Elects Chapter 13 Trustee Marie-Ann Greenberg as a Fellow