Don’t panic: Receiving a letter from the IRS isn’t necessarily a bad thing, but it definitely can’t go unnoticed. Getting a letter actually addressed to you personally is becoming a thing of the past, what with email and social media taking over a lot of our correspondence. Nonetheless, you still received a letter addressed to […]
How to File an Amended Tax Return
Oops! Did you realize that you made an error on an income tax return that you already filed? It’s not unusual. That’s why the IRS has a special form that will fix it. Maybe a 1099 that you had forgotten about came in after you’d filed your income taxes for the previous year. Or a […]
Why United States Expatriates Worry About FATCA Penalties
For one reason or another, thousands of American citizens are living outside the United States at any given time. Many retirees are taking advantage of the lower cost of living and temperate climate offered south of the border while younger individuals and families are abroad for school, business or simply for the adventure. While living […]
What is a Defined Benefit Plan?
Simply put, a defined benefit plan is a pension plan that uses a formula to promise a predetermined monthly benefit to an employee at their retirement. However, the specifics that go into a defined benefit plan are less simple, and it is important for all involved to understand the ramifications of the plan before it […]
What are Tax Extenders for Small Businesses?
Tax extenders are a group of fifty tax breaks that apply not only to small businesses, but teachers and individuals as well. What you need to be concerned with are those that apply directly to small businesses, especially dental practices. While these tax breaks are temporary in nature, they can have a serious impact on […]
Home Office Tax Rules
There was a time that determining the correct deductions for your home office was complicated and could potentially lead directly to an audit. Luckily, those days are in the past. The IRS no longer considers a home office a red flag, and they have found ways to simplify the process of taking this deduction. Before […]