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,
+ more bio informationAnger 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 questionabl... More..
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 increase... More..
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 ... More..
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 requireme... More..
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 s... More..
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 punishments... More..
We are all nervous about planning for our retirement these days, and it doesn't help that there is so much conflicting information everywhere you turn for help. So which advice do you take and what can you really do to best prepare for your retirement? The first thing is to understand yourself and where you want to be when y... More..
Teresa Stone
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