How The Tax System Works

Even Einstein didn’t understand how taxes work.  He is famously quoted as saying “The hardest thing in the world to understand is the income tax”. So, in a nutshell, here is how it all works… Add taxable income from all sources to figure total...

Will I owe taxes when I sell my home?

Will I owe taxes when I sell my home?  This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married...

YOUR CHANCE TO ‘AUDIT’ THE IRS

You may now have a chance to have your complaints about the IRS heard by a self-styled watchdog group that is trying to independently audit the IRS with the help of taxpayers. The Tax Revolution Institute— a Washington, D.C.-based nonprofit that says it wants to...

Summer Weddings and Newlywed Tax Tips

NEWLYWED CHECK LIST If one of you has taken on a new name, notify the Social Security Administration right away.  You can do that by filing Form SS-5, Application for a Social Security Card (website is www.ssa.gov)..  When you file your taxes, if the name on the tax...