Filing Feed

Donald J. Trump is Tweeting about tax reform. He's also holding bipartisan dinners at the White House to talk taxes. West Virginia Democratic Sen. Joe Manchin was pleased steak was on the menu. The White House website has a video explaining how the tax code is broken. House Speaker Paul Ryan says Congressional Republican's tax reform plan outline will be released in a couple of weeks. Meanwhile, pundits have been honing their prognostication skills, attempting to tease out tax possibilities and their potential effects. But despite all this action, the bottom line is that it's still just a big tax... Read more →


Aside from the damage that hurricanes cause, one of the biggest problems is that they often, especially in September, effectively come back to back. Hurricanes Katia, Irma and Jose (left to right) lined up earlier in September. (National Hurricane Center radar image) That's what happened with Hurricane Irma. The angry sister of Hurricane Harvey walloped all of Florida three weeks after coastal Texas was gut-punched by Harvey's historic flooding. The back-to-back U.S. landfalls was a first for Category 4 storms. The only good news here, at least tax-wise, is that the Internal Revenue Service has a Harvey template for Irma... Read more →


I don’t know about you, but I am glad to see August gone! It was a horrible, awful, no-good month for too many of my fellow Texans. We're counting on you, September, with your promise of cooler temperatures and return of routines, like the kiddos' going back to class, to get us to a better place. Among the things to think about as fall nears is, of course, taxes. Here are four quick tax tasks to consider this month. File your 2016 taxes: For the first time in years, I'm heading into fall with my prior year return already in... Read more →


Some folks have been asking for clarification on disaster loss claims, specifically with regard to the value of a damaged or destroyed home. A Rockport, Texas, home severely damaged by Hurricane Harvey, which made its first landfall on Aug. 25 at the Gulf Coast town. (Photo courtesy National Weather Service, Corpus Christi, via Twitter) At issue is how a home's fair market value factors into a disaster tax claim. I'm sorry to report that a property's high value — I'm talking for sale purposes, not just your personal appreciation and assessment of the house — won't help you get more... Read more →


People are still being rescued in flooded Houston, so very few — even those who made it through Hurricane Harvey relatively unscathed — are thinking about taxes right now. But when they do begin to face rebuilding their post-storm lives, one of the things they'll have to deal with is taxes. A Texas National Guard soldier rescues a woman from her Hurricane Harvey flooded Houston neighborhood. (Photo by 1Lt. Zachary West, 100th MPAD, via Flickr Creative Commons) The Internal Revenue Service has some good news for folks in Houston and its flooded surroundings, as well as those in other areas... Read more →


All U.S. workers know, simply from looking at their pay stubs, that our tax system is pay-as-you-earn. Our taxes come out of our paychecks as withholding, both for federal income taxes, as well as to cover future Social Security and Medicare benefits. We don't have control over those taxes we pay now for federal retirement and hospital coverage when we're older. But we can — and should — adjust our income tax withholding if there are changes in our lives, such as marriage or a family addition or home purchase that can affect a tax bill, or we're getting a... Read more →


You’ve had enough of being a wage slave. It’s time to start your own business. That means it’s also time to consider the tax implications of becoming your own boss. Here are four tax matters to think about as you plan your move from the corporate cubicle to your own self-employed suite. 1. Select a business structure. How you’ll run your business will affect your taxes. You have several choices. The most common forms (and the federal tax forms required) are: Sole Proprietorship (Schedule C or C-EZ as an attachment to your personal Form 1040, along with Schedule SE to... Read more →


Alfred Hitchcock nailed it in his 1955 cat burglar-turned-romance starring Grace Kelly and Gary Grant. The pair teamed up, with Grant's character using his expertise as a former jewel thief, to catch a new criminal in the wealthy playground of Monte Carlo, Monaco. (Click film screenshot to watch the movie trailer on YouTube.) The Internal Revenue Service apparently is taking a hint from a Hollywood classic. It's thinking like identity thieves to catch identity thieves. That was among the messages from IRS Commissioner John Koskinen in July 25 media teleconference. Cybercriminals are showing increasing savvy and tax expertise, particularly in... Read more →


Happy World Emoji Day! It's held on July 17 each year as a way to promote the use of emojis — like we need to do that! — and, according to Emojipedia (really!), spread the enjoyment that the colorful icons bring. The enjoyment goal got me thinking of how emojis might make one of our worst tax tasks more pleasant. I'm talking, of course, about our annual filing of returns. Most of us already use tax software. Surely it wouldn't be that difficult to incorporate the option of adding emojis to the lines we fill electronically complete. Dressing up your... Read more →


This post was updated Tuesday, July 25, 2017. Paid tax return preparers must sign their clients' 1040 forms and include their IRS-issued professional ID number. The IRS lost a court case to charge a fee for the identifiers, known as PTINs, but is seeking a stay of that order pending possible appeal of the case. If you're a tax preparer who's hoping to get back fee you paid for your IRS-issued special identification number, you could be waiting a bit longer. The Internal Revenue Service on July 24 formally asked the U.S. District Court for the District of Columbia to... Read more →


Regardless of which month you marry, there are and will be tax matters to consider. Relaxing after the ceremony. (Photo by Barney Moss via Flickr) Ever wonder why June is "the" wedding month? Me, too. So I looked it up. The Old Farmer's Almanac, which I never realized was a go-to wedding planning resource, says that June is the most popular month to marry thanks to some ancient traditions. The Roman goddess Juno, for whom the sixth month was named, was the protector of women in all aspects of life, but especially in marriage and childbearing. So, says the Almanac,... Read more →


Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal properties, and produces dangerous flooding. Such reports have come in from as far north as Atlanta today, with Cindy's expanded rain bands causing highway flooding in that city. Federal and state tax help for recovery efforts: As noted... Read more →


Donald J. Trump's got a lot of campaign promise policy issue irons in the fire. This week, he pulled one out a bit by deciding to let undocumented residents known as DREAMers stay in the United States. The decision was announced as part of a fact sheet released by Homeland Security late June 15. That document's next-to-last line notes: "The June 15, 2012 memorandum that created the Deferred Action for Childhood Arrivals (DACA) program will remain in effect." A group of DREAMers, the undocumented youths who hope to remain in the United States, make their point during a 2016 presidential... Read more →


It may be summer, but for some folks, Tax Day is coming up again on Thursday, June 15. That day is the deadline that millions of Americans face to pay their second estimated tax amount for the 2017 tax year. It's also the due day for U.S. taxpayers living abroad to file their 2016 tax returns. Estimated tax time again: The U.S. tax system is based on the premise that the U.S. Treasury gets its portion of individual taxes as we earn our money. For most of us, that happens via payroll withholding from our checks that we get from... Read more →


Take a look at this Twitter post by Donald J. Trump back in October 2015 of his purported 2014 tax return documents. That's still as close as we've gotten to seeing any of the president's tax filings. We got word about Donald J. Trump's 2016 taxes over the weekend. No, he didn't share them with the public. In fact, Trump is making even the country's tax collection agency wait to see them. The president has, like millions of other taxpayers, filed for an extension to finish filling out his 2016 tax return. All we've got is time: Both NBC and... Read more →


Most Americans living abroad don't like the U.S. requirement that they have to send the Internal Revenue Service a Form 1040. That's one of the findings in Greenback Expat Tax Services most recent annual survey of U.S. expatriates. If your trip abroad turns into something more permanent, you'll have many U.S. expatriate issues to consider, including taxes. (Photo courtesy Those Dam Americans blog) Sixty-six percent of expats queried earlier this year told Greenback they don't believe they should be required to file a U.S. tax return while they are living outside Uncle Sam's borders. That more than two-thirds percentage is... Read more →


In an exclusive NBC News interview with Lester Holt, the president mentioned the letter, released today, that discusses what his attorneys say show only tangential connections to Russian money. Click image to watch the full NBC news interview. Still no Donald J. Trump tax returns, but today we got another letter from his lawyers regarding his taxes, specifically whether there was any Russian-sourced income on his filings over the last 10 years. The letter, from partners Sheri Dillon and William Nelson of the Washington, D.C., branch of international law firm Morgan Lewis, was addressed to Trump and "hereby confirm[ed] the... Read more →


How do I celebrate each May 5th? With guacamole, cerveza y tax tips! That means here in our Texas casa, every day basically is Cinco de Mayo. Yes, there really is a tax component to Cinco de Mayo beyond the use of my poco Español as a framework for this list. That's why I feel justified in urging you — before you lift a glass, be it brimming with Dos XX or a margarita, to commemorate Mexico's victory over French troops at the Battle of Puebla on this day in 1862 — to check out these five tax-smart tax moves.... Read more →


May flowers, like these Texas poppies, are one of the reasons it's such a merry month. Other reasons to be happy is that there are some tax moves you can make now to cut your 2017 IRS bill. (Photo by Kay Bell) Welcome to the merry, merry month of May, which is particularly joyous for folks who've finished up their 2016 tax returns. That's almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year's main filing season. While the 2017 filing season got... Read more →


An autographed photo of San Antonio Spurs point guard Tony Parker and the NBA team's head coach Gregg Popovich from Daniel Lewis' autograph collection. Another Coach Pop signature on a restaurant receipt with a really, really big tip is now getting attention. Gregg Popovich is in the midst of going for his sixth NBA championship as a head coach, but he's already the champ to one Memphis, Tennessee, restaurant employee. Pop, as the coach of the San Antonio Spurs is known, apparently left an almost 613 percent tip after a visit April 21 to McEwen's on Monroe. The dollar amount... Read more →