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. … [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. … [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 … [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 … [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, … [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, … [Read more...] about Is the Postcard Size Tax Return a Reality?
