For the next few weeks, we’re running a “Slice of Life” series where we address real-life problems our clients bring us after they’ve filed their taxes (or not). You can read Part 1 – Slice of Life: I’ve Been Scammed!, Part 2 – Slice of Life: I Hate Filing Quarterly, Part 3 – Slice of Life: I’m Running Scared and Part […]
The IRS is engaged in a never-ending crusade to uncover and collect every single penny of revenue that it claims taxpayers owe. And the truth is that the agency is very, very good at what they do. By and large, if you’re concealing income or engaging in some type of scheme to avoid taxation, they are eventually going to sniff it out.
Whether it’s a house, apartment, mobile home, or whatever, owning a vacation home is a wonderful thing. It’s the perfect getaway, and can double as a great source of income should you decide to rent it out. Of course, any money you make from a vacation home is taxable, and at Polston want to make sure your perfect getaway doesn’t turn into the perfect headache. So here are a few things to consider, tax-wise, if you rent out your vacation home.
The IRS can be tough to navigate. At Polston Tax, it’s our job to look out for our clients, and guide them through whatever process needed to resolve their tax issues. But the IRS has also taken steps to protect taxpayers: Publication 1, also known as the Taxpayer Bill of Rights lays out the fundamental rights every taxpayer should know when dealing with the IRS. As a taxpayer, you have the right to:
Divorce can be a stressful time, and while money is a central issue of many divorces, changes in your tax status often fall by the wayside. Many separated or divorced couples are more concerned about child custody, alimony and how large assets like homes will be divided. However, a divorce can significantly impact your tax situation and your personal finances, so it’s essential to consider how your taxes will be affected during and after your divorce.
We get quite a few clients who come to us with questions about tax liens – a kind of mortgage the IRS can put on your property if you haven’t paid your taxes. In other words, the IRS makes a legal claim to your property as security for tax liability.
Practically speaking, the lien ties your property down to protect the government’s portion of your money: you’ll be unable to sell until you deal with the tax issue. Liens also show up on your credit report, and can keep you from getting a loan or taking out a line of credit.
Let’s say that you’re lucky enough to hit it big at the track or the casino. Any winnings you have are taxable, and the IRS is consistently updating and revising its rules on how the successful gambling man can pay his taxes.
The recent revelation that the IRS targeted non-profit groups for additional scrutiny based on their political orientation has shocked many observers.
The end of the year is usually the busiest time for taxpayers. You’re usually trying to get everything wrapped up and finished before the new year begins. One thing you should put on your list for the end of the year is to start calculating your taxes and if you will owe taxes when you file. If you find out you are going to owe taxes, there are some steps you can take to lower your tax liability. Tax planning is an important part of keeping your financials in line and can help you stay on track and make filing your tax return easier.
During election season, advertisements and news about political candidates and the election are everywhere. You’ve likely also been receiving requests for donations to political campaigns. If you are planning to make a donation to a political party, you may be wondering if you can claim this contribution as a deduction on your tax return.