by Kevin Thompson | May 19, 2014 | Tax Laws
Obama’s 2015 budget proposal is certain to have an impact on how you can strategize claiming Social Security. Hidden on a page within the 214 page budget plan is a directive that will prevent excessive or duplicate benefit payments from disability and Social...
by Kevin Thompson | May 16, 2014 | Tax Laws
As the Internet grows, online fantasy sports have grown as well. In 2013 approximately 33 million people in the US played in online fantasy leagues that include football, baseball, hockey and basketball. Actual player’s performance stats are used to create these...
by Kevin Thompson | May 15, 2014 | Tax Laws
Continuing on Taxation for Individuals Part 1 Part 2 Part 3 Joint returns between husband and wife A taxpayer was married to her husband up until fall 2007. After they separated, the husband was a full time student. He was broke and couldn’t...
by Kevin Thompson | May 14, 2014 | Tax Laws
Continuing on Taxation for Individuals. Please see: Part 1 Part 2 Determining gain or loss after a foreclosure A taxpayer who had her home foreclosed after she was unable to rent it claimed ordinary loss, but the IRS recognized capital gain. The fair market value of...
by Kevin Thompson | May 13, 2014 | Tax Laws
Part 1 Continuing on Taxation for Individuals, we will now discuss additional information you should know regarding taking deductions properly. Capital Expenditures A real estate agent/mortgage broker was denied deductions for what he had termed “real estate...
by Kevin Thompson | May 12, 2014 | Tax Laws
This will be a 4 part series of short articles on individual taxation rules that you should know about. Kevin Thompson, CPA comments “some of these stories border on the ridiculous. But some of the facts will cause you to look in a mirror.” Activities not...
