by Bill Houston | Aug 14, 2019 | Cryptocurrency, Uncategorized
As part of it’s outreach efforts, the IRS is sending letters to some clients with virtual currency transactions advising them of potential failure to report income and pay taxes resulting from currency transactions or advising that transactions may have been...
by Bill Houston | Nov 17, 2016 | Uncategorized
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...
by Bill Houston | Nov 14, 2016 | Uncategorized
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...
by Bill Houston | Nov 3, 2016 | Business Deductions, Uncategorized
Owning a business often allows you to move what would otherwise be personal expenses into the business category. But many under use the deductions available to them. The most common one is the home office deduction. This is actually well known but many hesitate to...
by Bill Houston | Jul 14, 2016 | Uncategorized
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...
by Bill Houston | May 31, 2016 | Uncategorized
We all know there are a lot of scammers committing tax fraud. The IRS reports that $3.1 billion in fraudulent refunds were issued during the filing season in 2014. The IRS has stated that they need to be ahead of the scammers in order to stop the fraud. The plan...
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