Mary Lee Miller, EA, LLC

It’s Getting Worse: The IRS Now Audits Poor Americans at About the Same Rate as the Top 1%

by Paul Kiel May 30, 10:16 a.m. EDT As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to. Every year, the IRS, starved of funds after years of budget cuts, loses hundreds […]

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What to Expect When the IRS Alters Its Bitcoin Tax Policy

Anna Baydakova Jun 7, 2019 at 04:00 UTC Every tax season, cryptocurrency investors in the U.S. struggle to figure out how much they owe the government. But next April it might be a little bit easier. Last month, the Internal Revenue Service (IRS) said it would “soon” issue new guidance on the tax treatment of crypto, something it hasn’t done since an initial notice the agency issued in 2014. In […]

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What are your chances of being audited by the IRS?

April 13, 2019 The Week Staff Here are three of the week’s top pieces of financial advice, gathered from around the web: 40 years’ worth of lattes Does buying a daily latte put your retirement nest egg at risk? asked Barry Ritholtz at Bloomberg. The answer is — probably not. But let’s say you consume five lattes a week, spending a total of $100 a month. If instead […]

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5 Signs It’s Time to Apply for a New Credit Card

By: Christy Bieber Is your credit card no longer a good fit? These five signs suggest you need to consider finding a new credit issuer to do business with.  Did you know many people stick with the same credit card for years without stopping to consider if the card is right for them? Applying for a new credit card doesn’t often make it onto your to-do […]

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How to Avoid Falling Victim to Common Tax Scams

April 15, 2019 has come and gone, but scam artists work year-round.   By remembering these guiding principles, you can help yourself avoid tax season’s most common scams. Matthew Cochrane (TMFCochrane) Feb 8, 2019 at 6:07AM As peak tax season approaches, many Americans are gathering their tax documents and preparing for the effects — both good and bad — of the Tax Cuts and Jobs Act on their returns. […]

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Divorcees can save on taxes — if they take this one step

Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET Mon, 26 Nov 2018  Updated 3:22 PM ET Mon, 26 Nov […]

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Eliminating Tax Debts in Bankruptcy

Most taxes can’t be eliminated in bankruptcy, but some can. Updated By Kathleen Michon, Attorney You may hear radio commercials offering the hope of eliminating tax debts in bankruptcy. But it’s not as simple as it sounds. Most tax debts can’t be wiped out in bankruptcy — you’ll continue to owe them at the end of a Chapter 7 bankruptcy case, or you’ll have to repay them in full […]

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9 awful things that could happen if you don’t pay your taxes

msn money ~ Maryalene LaPonsie You could get hit with penalties IRS penalties can include: Failure-to-file penalty: If you don’t file taxes, the IRS generally charges 5 percent of the amount owed for each month or part of a month that a return is late. Failure-to-pay penalty: If you file a return but don’t pay the taxes due, your penalty is generally 0.5 percent of your […]

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The 10 Tax Law Changes Most Likely to Affect Your 2018 Personal Return

By Bill Bischoff, MarketWatch Almost all of the Tax Cuts and Jobs Act (TCJA) changes that will affect individual taxpayers kick in starting with their 2018 Form 1040. Here are the 10 changes that are most likely to affect your return. Lower Individual Rates Much bigger standard deductions but no more personal and dependent exemptions. New limits on deductions for state and local taxes. Read Full […]

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Why Googling Yourself Is Not Just for Fun Anymore

When we consider risks to our online presence, there’s no such thing as low stakes. Untoward information floating around online could cost you your dream job at minimum or compromise your personal safety in the worst case scenario. But how do you know if any of this damaging information is out there? A good place to start is with a Google search of your name. […]

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