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When the IRS screws up

Think about it: 155 million individual tax returns each year are processed by the Internal Revenue Service. That’s a lot of potential for error. When you take into account all of the people who contribute information to a tax return, that’s an incredible amount of opportunity for mistakes. Where mistakes […]

IRS

Top three triggers for an IRS audit

There are many potential red flags on your tax return. Most of us know that the Earned Income Tax Credit is something that can provoke an audit. We’ve also talked about lifestyle triggers; buying or writing off luxury items such as sports cars and first-class international airfare when your income […]

Audits

Can I write off my first-class plane ticket?

Anyone who’s ever flown first class to Europe knows that it makes a difference. When you are gastronomically pampered with a five-course French meal, including a cheese selection and a buttery croissant, that is also expertly paired with a 68-degree Bordeaux or bubbly Comtes Grand Cru AND you get to […]

Audits

Why lottery winners go broke

Playing the lottery is a little like fishing. You put in you line and sit and wait, hoping for a bite. You tell yourself “somebody has to win.” And somebody always does. Sadly, the people who win do not always have a plan in place. It’s like fishing without a […]

General

The 3 deadly sins of EITC filings

Tax preparers know that the EITC stands for Earned Income Tax Credit, which for  2021 can range from $1,502 to $6,728. Tax prepares also know that the less you earn and the more children you have, typically, the greater credit you qualify for.  Additionally, most tax preparers are well aware […]

IRS

What caused the end of the Gilded Age?

Many people are watching Julian Fellowes’ new series “The Gilded Age” on HBO. The show follows three prominent (think the social circles that included Rockefeller, Astor, and Vanderbilt) families through events of the 1880s in New York. The show is categorized as an “American historical drama” that takes place during […]

Anti-trust

What is the American Rescue Plan?

COVID-19 affected both the financial and physical health and well-being of many people. The U.S. government created a multi-faceted plan intended to help those who’ve suffered. It’s called the American Rescue Plan. It was signed into law about a year ago on March 11, 2021. While you may have heard […]

IRS