The stock market has experienced plenty of ups and downs this year. So some investors are poised to take big gains for 2019, while others are currently showing losses and many have both. What are the tax consequences if you sell securities?...
Read MoreTaxpayers should beware of property lien scam
With scammers hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. This particular scam threatens taxpayers with a tax bill from a fictional government agency. Here are...
Read MoreNew Overtime Pay Rules Finalized for 2020
The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible...
Read MoreIt’s Spooky to be Hungry
Now celebrating its 27th year, It’s Spooky To Be Hungry® collects food and funds for the hungry during the month of October in neighborhoods and organizations across the CSRA. The Cleveland Group CPAs has partnered with the Golden Harvest...
Read MoreTax Implications of Refinancing Your Home
You may be thinking about refinancing this year to take advantage of falling interest rates. Or you may have refinanced your home mortgage last year and have yet to file your 2018 return (because you filed an extension). Either way, there are...
Read MoreTax transcripts: What are they and why would you need one?
Do you know where you filed the copies of your tax return? What about your tax return from 3 years ago? The IRS recommends that you keep at least 3 years of tax returns on hand. If you can’t find a copy, tax transcripts may be the...
Read MoreTips for taxpayers who make money from a hobby
Many people enjoy hobbies that are also a source of income. From painting and pottery to scrap booking and soap making, these activities can be sources of both fun and finances. Taxpayers must ask themselves if their hobby is a recreational...
Read MoreSummer Loving? Think About Taxes Before You Tie the Knot
For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there’s more than the ceremony to consider when a couple merges their...
Read MoreTax tips for taxpayers to consider when selling their home
When filing their taxes, taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home: Ownership and use To...
Read More2020 Inflation-adjusted amounts for Health Savings Accounts
In a new Revenue Procedure, IRS has provided the 2020 inflation-adjusted contribution, deductible, and out-of-pocket expense limits for health savings accounts (HSAs). HSA basics. Eligible individuals may, subject to statutory limits, make...
Read MoreTaking care of business: Why should I keep records?
Everyone in business must keep records. Creating and maintaining thorough business records is essential. It is very important that business owners make a habit of recording their business transactions every day. It will assist in making informed...
Read More2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief
The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty...
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