Carolina Hurricanes. San Jose Earthquakes. Chicago Fire. Colorado Avalanche. Am I talking about sports teams? No. I’m talking about the disasters behind the names. Disasters cause massive losses and often cost far beyond what insurance can cover. When the federal… Read More »Can I use my Retirement Funds after a Disaster?
Property flipping has been a popular side hustle since the housing market crash in 2008. Buy a property with some wear and tear and outdated décor at a low price, fix the problems, make it look nice, and resell it… Read More »Property Flipping: Record-keeping to Pay the Least Taxes
The Secure Act 2.0 was passed in December 2022 and made a lot of changes to what you can do with your retirement money. The first Secure Act in 2020 allowed for a $5000 penalty-free hardship distribution for the birth… Read More »Can I Use My Retirement Money if I Have a Baby?
Your 1099K is on hold again. It isn’t coming. I knew it. As the end of the year grew closer, I started writing blogs and planning strategies to deal with the incoming 1099K nightmare. I was figuring ways to reconcile… Read More »The 1099K On Hold Again
“Is there anything else going on?” I can tell there is. You wouldn’t be in my office if there wasn’t a problem somehow. Often, that last-minute question is on Child Support: paying, receiving, and employers getting letters to withhold. Everyone… Read More »Plain Talk About Child Support
How do I report my Uber and Lyft income? Rideshare driving is so confusing. Most jobs are fairly simple: Here’s your form, plug in the numbers, taxes are done. Rideshare driving is different. You are self-employed. Why? Because they don’t… Read More »Taxes for the Gig Economy
August 1980-something, somewhere in New Jersey: My senior year was about to begin. I went into school on registration day to pick up my books and settle my super easy Senior schedule. Everything was looking perfect until I met with… Read More »Why Am I Here? – An Accounting Origin Story
I hear it all the time: “I paid the taxes on that and I’m not going to pay taxes on it again.” Gambling wins, retirement and 401k withdrawals, legal settlements, bonuses for selling plasma, and other payments have the taxes… Read More »“But I Already Paid the Taxes on That!” – Taxes Held Out on Payments
“But it’s MY money. I already paid taxes on it!” That is true. Roth IRAs are funded with after-tax dollars. Therefore, Roth IRA withdrawals should be tax-free, right? Unfortunately, that is not always true. What is a Roth IRA? Roth… Read More »Are Roth IRA withdrawals taxable?
Your tips are your money. Your manager, supervisor, or the owner cannot take your tips. The law on tips is in Federal Department of Labor Fact Sheet 15 HERE. You are not required to split your tips or ‘tip… Read More »Your Tips Are Your Money
I love it when I get a call from someone asking me how much tax they will have to pay on something, and I get to say ‘zero.’ They get so excited when they have tax-free income and the taxman… Read More »15 kinds of Tax-Free Income
Yes, I am an Enrolled Agent in all 50 states, but I get it all the time… “This is Diane. She’s my CPA.” Me: “No, I’m an Enrolled Agent.” Them: “Huh?” Me: “Enrolled Agent” Them: “You’re an IRS agent?” Me: “Nevermind…”… Read More »You’re a What? Enrolled Agent? What’s that?
A 1031 exchange is also known as a ‘like-kind’ exchange and it a method or deferring the taxes on the sale of a piece of property.
I can deduct the work I do on my house, right? I get asked this often. The answer is… maybe? I think I give that answer to everything, so let’s see how selling your home is taxed and what you… Read More »Can I deduct my home improvement expenses?
Gambling. People try to hide it sometimes. Others wear winning like a badge of honor. But when you win more than a few hundred on the lottery or at the casino, the government knows. Form W2-G You will know… Read More »Gambling Winnings on Form W2-G
