Tag: Taxable income
January is the beginning of the 2020 tax season when you file your tax returns for the year 2019. Last year, the just-enacted Tax Cut and Jobs Act…
Tax deductions on home equity loans and mortgages have long benefited homeowners. These deductions allow homeowners to reduce their taxable income by…
How the IRS interprets taxing rebates, points, and rewards can be confusing, at best. For example, your credit card rewards may be taxable income.…
Arkansas veterans receiving military retirement will benefit from the Arkansas Military Retirement Income Tax Cut which went into effect January 1,…
Everybody has a tax bracket.
Do you know your tax bracket and how the IRS controls it? Our federal tax system is based on a progressive calculator…
Student loan interest deduction rules.
These rules suddenly become interesting when a student loan becomes part of your tax preparation.
The…
IRS form 1099-C
The IRS 1099-C is a tax surprise that won’t make you smile. “Forgive but collect” is the IRS motto when it comes to cancelled…
Business or hobby? The IRS has their own opinion!
The IRS has defined a hobby as an activity you engage in “for sport or recreation, not to make…
Retirement brings images of strolling along the beach, cocktail in hand, warm sand between your toes and a perfectly groomed dog frolicking…