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DO YOU HAVE COLLEGE SAVINGS PLAN MONEY LEFT OVER?  HERE’S A USE FOR IT

by Bill Houston | Feb 7, 2023 | General Tax Info

Now you can do something with the college savings plan money that wasn’t spent on education.  Maybe your child or grandchild didn’t choose college.  Or maybe they received a scholarship.  There’s an opportunity here to put that money back into your own...

3 Common Ways in Which Cancellation of Debt (COD) Income Can Be Tax-Free

by Bill Houston | Feb 7, 2023 | General Tax Info

It is not uncommon for debts to pile up beyond someone’s ability to pay, and may be even more common if we enter into a recession. Lenders will sometimes cancel (forgive) debts owed by down-on-their-luck borrowers. While the cancelled debt may be incredibly helpful in...

2019 and 2020 Late filing penalties can now be forgiven in a great many cases

by Bill Houston | Aug 25, 2022 | General Tax Info

This is going to be a huge benefit to many filers. For those taxpayers, including individual 1040 returns, partnership (1065) returns and S Corporation (1120S) that: Filed late and paid a penalty or owe a penalty for late filing for the 2019 and/or 2020 tax year,...

TAX DEDUCTIONS THAT EXPIRED AT THE END OF 2021

by Bill Houston | Jul 27, 2022 | General Tax Info

We typically see Congress extend these kinds of things but in the current environment, that may not happen.  So, here are a few of the tax rules that have expired: The 1 year increase in the child tax credit expired at the end of 2021.  The credit will...

How Does the IRS Tax an LLC? It’s Up to YOU

by Bill Houston | Jan 22, 2022 | General Tax Info

When you file your taxes at the end of the year, you can file a sole proprietorship on a Schedule C, a C Corporation on a Form 1120, an S Corporation on a Form 1120S or a partnership on a Form 1065.  There is no tax form for an LLC. If your business is registered...

BUSINESS OR HOBBY-WHY YOU SHOULD CARE

by Bill Houston | Jan 3, 2022 | Business Deductions, General Tax Info

If the IRS determines that your business or investment activity is not conducted as a for-profit business, IRS Section 183 limits deductions to the amount of income from the activity. They will classify your activity as a hobby, and unlike a business, hobby losses...
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