Potpourri of Tax Topics

/Potpourri of Tax Topics

Glossary: Qualifying Widow(er)

By | April 4th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

The "qualifying widow(er)" filing status is for a person whose spouse has died and the surviving spouse is still raising kids.

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Do I Prorate Income from a Fiscal Year K-1?

By | March 31st, 2017|Categories: Potpourri of Tax Topics|Tags: , |

Question from a web visitor: do I prorate income from a fiscal year K-1? Short answer: NO.

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Allocating Estimated Payments for Taxable Refund Calculations

By | March 21st, 2017|Categories: Potpourri of Tax Topics|Tags: , |

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year ... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

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Glossary: Audit Technique Guides

By | March 13th, 2017|Categories: Potpourri of Tax Topics|Tags: |

Audit Technique Guides are IRS guidebooks that give detailed insight into various industries IRS auditors may encounter.

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Reminder: There’s No Such Thing as a $500 Non-Cash Charitable Contribution “Standard Deduction”

By | March 7th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

This comes up every tax season and seems to be something people don't understand. On Schedule A, for itemized deductions, there's no such thing as a "$500 standard deduction for non-cash charitable contributions."

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