The Prescott Sunrise Lions Club, currently meeting at Waffles & More on Iron Springs at 7 a.m. each Thursday, has been servicing the Prescott, Prescott Valley and Yavapai County region for 54 years. Please come and join us as a guest if you are interested in joining and helping the community. Our main focus is kids. We help kids in Yavapai County with vision and hearing care, dental issues and other physical ailments. Some of the non-profits we provide funds for include Youth Vision and … [Read more...] about Serving the Community, Earning Tax Credit
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Health Savings Accounts: A Tax-Favored Plan Worth a Look
The Health Savings Account (HSA) is one of the tax favored plans available designed to offset or help with health care costs. The other tax favored plans are the Medical Savings Accounts, the Flexible Spending Arrangement and the Health Reimbursement Arrangements. We will only address the HSA here. IRS publication 969 explains all of these programs more. An HSA is a tax-exempt trust or custodial account you set up with a qualified HSA administrator. There are a number of qualified trustees … [Read more...] about Health Savings Accounts: A Tax-Favored Plan Worth a Look
Understanding the IRS Free File Alliance
The IRS Free File Alliance has existed for the last 16 years. This is a program to allow taxpayers who qualify to be able to do their tax returns themselves, and file it for free, using the portal at irs.gov/free file. There are about 12 free file alliance software vendor partners that work with the IRS to provide their software for use through the IRS web portal, for free. There are some restrictions as to who can use free file. A taxpayer who earns less than $66,000 per year can access … [Read more...] about Understanding the IRS Free File Alliance
Understanding Recent IRS Guidance on Meals, Entertainment Expenses
Just a couple of weeks ago, the IRS released new guidance concerning business deductions for meals and entertainment expenses, which takes into account the new Tax Cuts and Jobs Act (TCJA) tax reform law passed by Congress and signed by President Trump last December. The bill eliminated the deductions for all the entertainment expenses: things like concert tickets, cruises, golf passes or any other sporting event. As a result, there has been some confusion out there about the matter. Some … [Read more...] about Understanding Recent IRS Guidance on Meals, Entertainment Expenses
Understanding Tax Implications of Gambling
When we decide to make a trip to the casino or to a racetrack on the spur of the moment or on a planned adventure, most people do not spend any time considering the tax implications involved if they actually win. Gambling winnings and losses include raffles, track races, sports betting, lotteries, all casino games, poker games and prizes – the tax burden of which can be significant. The amount won and on what game it is won determine if the casino has to fill out … [Read more...] about Understanding Tax Implications of Gambling
Is the Postcard Size Tax Return a Reality?
The amusing proposal of a tax return fitting on the size of a postcard caused me to revisit this idea because the IRS just released preliminary designs of the new form 1040 and the new schedules that go with it. The new, shorter form 1040 will essentially replace the previous forms 1040, 1040A, 1040EZ for the next tax season. The new 1040 will utilize what they call a “building block” approach, which reduces the information that goes directly on the 1040 form itself by requiring the … [Read more...] about Is the Postcard Size Tax Return a Reality?