I think tax reform will be a mixed bag for preparers ... those of us who deal with average folks will likely be hurt, while the firms that deal mainly with businesses will likely benefit.
Image courtesy of user "kellepics" on Pixabay.com I’ve gone back and forth over the last few months about whether or not to share this. Eventually I decided that this is a glimpse into the real-world side of running a tax practice. And so I'm sharing. ----- I have the “yips.” Normally we think of [...]
In tax terminology, the phrase “tax benefit rule” refers to whether or not a refund or recovery received in a future year is taxable. For example, whether or not a state income tax refund is taxable on your federal return depends on the “tax benefit rule.”
Let’s look at things that could be considered “hidden” marriage penalties.