California is known for a lot of fun and unique things, but in the taxes and accounting world, California is known for high taxes, and their capital gains tax is no exception. In today’s article, I’ll explain everything you need…
Read More
Taxes
When checking your tax return status using the IRS’ “Where’s My Refund” tool, you might see a message referring to Tax Topic 152. But what does that mean? In today’s post, I’ll explain what Tax Topic 152 really means and…
The 2% rule for itemized deductions is a concept that used to apply to certain types of miscellaneous expenses in excess of 2% of your adjusted gross income (AGI).
If you’re a small business owner, you’re likely aware of the home office deduction. But did you know there’s another tax break you can use that involves renting your home to your business? In today’s post, I’ll tell you how…
Can you deduct 20% of your net rental income from your income taxes? If your real estate investment brings in qualified business income (QBI), then you probably can!
Owning a home is an important dream and a pivotal milestone for many people. But can you get a mortgage with unpaid taxes? We’ll answer that and more in this article.
We often think of the IRS as the enemy, but believe it or not, sometimes they do offer mercy and even debt forgiveness. Today, I’ll walk you through the IRS Debt Forgiveness Program so you can determine whether or not…
Since the money is coming from the government to start with, many people ask, “Do I have to pay taxes on my unemployment benefits?” In today’s article, I’ll answer that question and respond to the most frequently asked questions regarding…
In order to claim a federal tax refund for a deceased person, you may need to file Form 1310. I’ll answer some common questions about requesting a tax refund due to a deceased taxpayer and point out some details and related tax forms that are sometimes overlooked.
The IRS cycle code is an eight-digit number that you can find on your online tax transcript once your return has been posted to the IRS Master File. If you see a cycle code along with transaction code 150, you’ll know that your tax return is being processed.