Potpourri of Tax Topics

/Potpourri of Tax Topics

Are Unemployment Benefits Taxable?

By | February 3rd, 2017|Categories: Potpourri of Tax Topics|Tags: |

The short answer to this question is: yes. Unemployment benefits are reported to the recipient on a Form 1099-G, and the benefits are taxable. There was a year or two, several years ago, where the federal government allowed people to exclude a certain amount of unemployment benefits from taxation, but that provision expired. In Iowa, unemployment [...]

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DIY Disasters: College Kids, Their Parents and the American Opportunity Credit

By | February 1st, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

What to do when your college-aged child files a tax return and claims tuition credits you were entitled to on your own return.

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401(k) Withdrawals to Avoid Foreclosure Still Subject to 10% Penalty

By | January 16th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

Withdrawals from a 401(k) account are difficult if you're still employed by the company offering the 401(k). Withdrawals are allowed in certain circumstances -- such as to avoid foreclosure -- but are still subject to income tax and sometimes to the 10% early withdrawal penalty.

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From the Archives: Handling Franchise Fees on a Tax Return

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

It's a holiday week, so I'm re-posting popular blog posts from the past. New material resumes next Tuesday the 10th. ----- Originally published February 16, 2015 Scenario: client is a sole proprietor. They enter into a small ($5,000), 5-year franchise agreement. The client is paying the $5,000 over a 24-month period. The client is also paying [...]

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Top 5 Blog Posts of 2016

By | December 29th, 2016|Categories: Potpourri of Tax Topics|

Here are the top-5 most-popular posts on this blog in 2016. The runaway winner, for the third year in a row, is the story about insolvency and cancelled debt. ----- #5: Take the Money and Run? The Tax Consequences of Winning a Home in a Giveaway, Part 2 In 2012 I wrote a series of posts [...]

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