Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are Continue reading Is Canceled Debt Taxable?→
Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did — and if you follow his process you can make your vacation tax deductible too … legally deducting every dime that you spend on your Continue reading Make Your Vacation Tax Deductible→
Resolving a Notice from the IRS; Eight Facts to Know
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are eight things you should know about if you receive a notice or Continue reading Resolving a Notice from the IRS→
Welcome 2015! As the new year rolls around, it’s always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead.