Articles written by Teresa Stone

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About me - Teresa Stone

Having worked in the tax preparation field as a senior tax adviser for more than a decade I have a wealth of experience in researching and interpreting the federal income tax code. I write and lecture frequently on tax tips for writers, crafters & artisans,

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Personal Finance > Taxes Understanding the Tax Gap and what it means to you: 1 of 1

There's a new buzz phrase in Congress that has legislators salivating at its revenue potential. What is it and what does it mean to the average citizen? It's called the Tax Gap and because Congress is very interested in it so is the IRS. So just what is the Tax Gap and why is it so important to the very people that pass laws...
Personal Finance > Taxes Income tax fraud, or is it?: 7 of 9

Anger towards the Internal Revenue Service (IRS) is nothing new, however, it never ceases to amaze me how so many people forget one critical element regarding the IRS. That critical element - the IRS does nothing that isn't funded or directed by Congress. I would never argue that the IRS hasn't done things that are questiona...
Business > Small & Home Business Home business and taxes: 8 of 10

IRS Three-out-of-five-year Profit Rule - Fact or Myth? For decades the word has spread that if a small business, primarily in the form of a Schedule C (Sole Proprietorship), doesn't show a profit in three out of five years then the IRS will automatically audit that business and subject it to all kinds of financial punishment...
Health & Fitness > Nutrition Basics Nutritional benefits of cranberries: 21 of 24

Even as a young child, I loved whole cranberry sauce. Available mostly during the fall, especially at the holidays, I couldn't wait to have more than my fair share. Luckily for me, most of my family wasn't as enthusiastic about cranberries as I was. I've always known that cranberries were a healthy alternative to many other ...
Personal Finance > Taxes E-file: The benefits of filing your taxes electronically: 4 of 4

When electronic filing was first available only federal returns could be transmitted this way. It was still too new and costly for states to setup but it didn't take long before they too embraced the process. A significant number of restrictions kept the number of returns electronically filed low but the numbers have increas...
Personal Finance > Taxes Why does a baby need a social security number (SSN)?: 2 of 2

There was a time when the only information required on a tax return in order to claim a dependent was the name and relationship of that dependent to the primary taxpayer on the tax return. That changed dramatically in the early 1990's after Congress passed a series of laws in 1986 reforming the federal tax code. The requirem...