Taxation of Lawsuit Settlements

Taxation of Lawsuit Settlements

Tax protocol is complex and unclear surrounding lawsuit settlement funds. Payments received from legal proceedings are usually taxable, and funds used in the legal process (such as attorney fees) are often not deductible. This varies on a case-by-case basis and can...
IRS Does Not Give Blanket Forgiveness

IRS Does Not Give Blanket Forgiveness

https://youtu.be/wIFXnAezZrA Are you an entrepreneur who’s been struggling to keep up with your income tax payments? Are you thinking you’re still going to have a problem in 2021?  Many are used to the IRS offering blanket penalty abatement for things...
“Marriage Penalty” Update for 2020 Taxes

“Marriage Penalty” Update for 2020 Taxes

Recently there have been some developments regarding so-called “marriage penalty” that some couples experience when filing taxes. This penalty occurs when spouses that have similar gross incomes pay more in taxes when filing jointly than they would if they had...
IRS Payment Options

IRS Payment Options

If you are an individual, family, or a business owner and struggling to pay your income taxes, the IRS has some payment plans that may help you.  The first one is an installment agreement. This would allow you to make a payment plan with the IRS to help you make...
Deductibility of Alternative Health Plans

Deductibility of Alternative Health Plans

Have you noticed that the cost of insurance has gone up year after year? Are you aware that premiums have increased over 54% since 2009?  The IRS has recently issued regulations that may help you with the cost of your insurance. It has now allowed two different...

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