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Investment Interest Expense Deduction to Expect in 2021

Investment Interest Expense Deduction to Expect in 2021

The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...

Posted by Rosovich & Associates, Inc. on 01/13/2021

Floral Park NY Tax Pro for Interest Expense Deduction Tax Preparer for Expense dduction TCJA 1040 Investment Interest Investment Income Capital Gains Form 4952 Standard Deduction
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Canceled Debt: How To Know if You Are Insolvent

Canceled Debt: How To Know if You Are Insolvent

Debt cancelation is a problem that often arises at tax time and something every taxpayer should understand. Many people are relieved to be at the end of a long debt battle, only to...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 01/07/2021

Jacksonville FL Tax Pro for Insolvency Tax Preparer for Canceled Debt Find a Tax Accountant for Insolvency PPP Form 1099-C Debt Cancelation Insolvency Bankruptcy Gift Indebtedness Form 982 Foreclosure
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Alimony and Taxes: Understanding the Rules.

Alimony and Taxes: Understanding the Rules.

Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...

Posted by Rosovich & Associates, Inc. on 01/06/2021

Floral Park NY Tax Pro for Alimony Tax Preparer for Divorce Find a Tax Accountant for Alimony deductions TCJA Alimony Divorce
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Important Information for Individuals on the 2020 Recovery Rebates

Important Information for Individuals on the 2020 Recovery Rebates

The recovery rebate credit meant to cushion the COVID 19 pandemic effect is the highlight of the CARES Act. Also called Economic impact payments, it was designed to provide $1,200...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/31/2020

Jacksonville FL Tax Pro for 2020 Recovery Rebates Tax Preparer for 2020 Recovery Rebates Covid 19 CARES Act AGI
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IRS issues inflation adjustments for 2021

IRS issues inflation adjustments for 2021

The Internal Revenue Service (IRS) recently released annual tax inflation adjustments for 2021 for more than 60 allowances, including tax rate schedules, standard deductions, itemized...

Posted by Rosovich & Associates, Inc. on 12/31/2020

Floral Park NY Tax Pro for 2021 Inflation Adjustments Tax Preparer for Inflation Adjustments Minimum Additional Tax Standard Deductions TCJA Marginal Tariffs Adoptions Alternative Minimum Tax Exemption Estate Basic Exclusion Amount Foreign Inco
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Flexible Spending Account (FSA)

Flexible Spending Account (FSA)

What is an FSA (Flexible Spending Account)?A Flexible Spending Account is a type of savings account that provides specific tax benefits to the account holder. An FSA sometimes referred...

Posted by BEST FINANCIAL GROUP LTD on 12/26/2020

Des Plaines IL Tax Pro for FSA Tax Preparer for Flexible Spending Account Find a Tax Accountant FSA FSA Flexible Spending Account HRA DCAP CARES APP
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What Are Worthless Securities?

What Are Worthless Securities?

The market value of worthless security is zero. Typical examples are bonds or stocks that are publicly traded or held privately. Such securities and other securities abandoned by the...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/26/2020

Jacksonville FL Tax Pro for Worthless Securities Tax Preparer for Worthless Securities Worthless Securities Schedule D
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Tax-Related to eCommerce Sales Tax.

Tax-Related to eCommerce Sales Tax.

Tax legislation continually changes, with new laws and regulations springing up every time. With the South Dakota v. Wayfair case, more complications were added to e-commerce...

Posted by Rosovich & Associates, Inc. on 12/24/2020

Floral Park NY Tax Pro for eCommerce Sales Tax Tax Preparer for eCommerce Find a Tax Accountant for eCommerce eCommerce SD Vs Wayfair
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Penalties for not reporting income to IRS

Penalties for not reporting income to IRS

The IRS expects that all income be reported on an income tax return and may otherwise result in financial penalties and sometimes criminal penalties. However, most penalties can be...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 12/20/2020

Jacksonville FL Tax Pro for Not Reporting Income Tax Preparer on Penalties for Not Reporting Income IRS CP2000 1099-MISC IRS Letter 3219 W-2 Form 1099 K-1
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