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Last Build Date: Mon, 17 Apr 2017 07:00:36 +0000

 



Automatic Filing Extension for Some Taxpayers

Mon, 17 Apr 2017 07:00:36 +0000

The tax-filing deadline for most people in 2017 is April 18. Although anyone can file for an extension, the Internal Revenue Service grants certain taxpayers in special situations an automatic extension without the taxpayer having to request it. This article provides an overview of those who receive an automatic extension for filing there federal income […]

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Avoiding Common Tax-Filing Mistakes

Mon, 10 Apr 2017 07:00:57 +0000

Every year, millions of people wait until the last few days ahead of the tax-filing deadline (which is April 18 this year) to file their tax return. Although they can file for an extension to get more time, many often rush to complete their returns. People who rush to complete their tax returns are prone […]

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Tax Exclusions under Wrongful Incarceration Exclusion, Part 2

Mon, 27 Mar 2017 07:00:20 +0000

When a person is wrongfully incarcerated, it is common for them to receive financial compensation in the form of civil damages, restitution, or other monetary awards. As a result of the Protecting Americans from Tax Hikes Act of 2015, the money a person in compensation for being wrongfully incarcerated is not included in their income […]

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Tax Exclusions under Wrongful Incarceration Exclusion, Part 1

Mon, 13 Mar 2017 07:00:00 +0000

When a person is wrongfully incarcerated, it is common for them to receive financial compensation in the form of civil damages, restitution, or other monetary awards. As a result of the Protecting Americans from Tax Hikes Act of 2015, the money a person in compensation for being wrongfully incarcerated is not included in their income […]

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IRS Announces “Dirty Dozen” Tax Scams for 2017

Mon, 27 Feb 2017 07:00:29 +0000

The Internal Revenue Service has revealed its list for 2017 of what it dubs the “dirty dozen” tax scams. This is a list of the most common fraudulent tax scams carried out against taxpayers. Although taxpayers may face these tax scams throughout the year, there is an increase in these scams during the first quarter […]

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Tax Guide for Farmers – Depletion

Mon, 13 Feb 2017 07:00:53 +0000

The Tax Code provides a special section applicable to farmers or those conducting a farming business. One part of that section pertains to the use of depletion. Following is an overview of depletion. What is Depletion? Depletion is the use of natural resources through the activities of cutting, drilling, mining, or quarrying. Through the use […]

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Tax Guide for Farmers – Section 179 Expense Deduction, Part 2

Mon, 30 Jan 2017 07:00:33 +0000

In the year the property is placed into service, farmers can choose to recover some or all the cost of certain property up to a defined limit. This election is known as a section 179 expense deduction. The section 179 expense deduction is taken instead of depreciating the asset over its useful life. Following is […]

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Tax Guide for Farmers – Section 179 Expense Deduction, Part 1

Mon, 16 Jan 2017 07:00:49 +0000

For certain property, farmers can choose to recover some or all the cost of the asset up to a certain limit in the year the property is placed into service. This election is known as a section 179 expense deduction. The section 179 expense deduction is taken instead of depreciating the asset over its useful […]

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Tax Guide for Farmers – Depreciation, Part 2

Sat, 14 Jan 2017 10:38:39 +0000

The Internal Revenue Code has specific sections concerning farmers and tax implications of a farming business. One such section addresses the depreciation of assets. This is the second article on depreciation. The first article is available at Depreciation, Part 1. When Does Depreciation Begin and End? You must begin depreciating property when you place the […]

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Tax Guide for Farmers – Depreciation, Part 1

Mon, 19 Dec 2016 07:00:52 +0000

The Internal Revenue Code has specific sections concerning farmers and tax implications of a farming business. One such section addresses the depreciation of assets, which is the focus of this article. Depreciation If you purchase or improve property that has a useful life greater than one year, such as machinery or structures, you typically cannot […]

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