by Paula Kennedy, EA | Nov 13, 2020 | Tax
If you invest in mutual fund shares, be aware of some potential pitfalls involved in buying and selling. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund...
by Paula Kennedy, EA | Nov 10, 2020 | Tax
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which...
by Paula Kennedy, EA | Nov 10, 2020 | Tax
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief in the form of “innocent spouses” available if the IRS comes after you for certain...
by Paula Kennedy, EA | Nov 9, 2020 | Tax
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying,...
by Paula Kennedy, EA | Nov 9, 2020 | Tax
As a result of the current estate tax exemption amount it’s now important to plan for income taxes ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans...
