Student Loan Forgiveness Creates New Tax Trap There’s a new student loan repayment program that forgives some student loan debt if other payments are made. This new debt forgiveness is creating a tax surprise for the unsuspecting student. Here is what you need to know. The debt forgiveness program dilemma To combat the hardship of…
Category: Tax
When Converting to a Roth Makes Sense Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s…
Know Your Audit Risk Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember…
Want to Deduct an Event Ticket? As an employee, can you ever deduct the cost of a sporting event or other ticket on your expense report? Surprisingly, the answer can be yes, but only if you know and abide by the rules. The accountable plan If your employer uses accountable plan rules for reimbursing expenses,…
We ask our clients to watch their mail and email, as we will be sending important information over both mediums.In the traditional mail out, you will find an introduction letter, an engagement letter, and a personalized checklist. The letter has basic tax season information, the engagement letter must be signed and returned to us for…