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
Ernie Gallardo
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
Knowing Your Rights with the IRS
The end of “Tax Season” is just around the corner – April 17 this year. But it is best to be aware of how all your activities affect our tax situation throughout the year. As your income and business interests go up, this becomes ever more important. Most times, when taxpayers bring in or assemble their tax documents and information to do a tax return, all the taxable events have already occurred in the past year, and can only be dealt with in the most advantageous way, after the fact. … [Read more...] about Knowing Your Rights with the IRS