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Archive for October, 2019

Casualty, Theft and Disaster Losses

Hurricanes Harvey, Irma, Jose and Maria all made their impact felt back to back. Images of flooded streets, devastated homes and shattered families tugged at your heart. The year 2017 witnessed many disasters nationwide that spurred Congress to pass the “Disaster Tax Relief and Airport and Airway Extension Act”. Because of this Act, many changes have occurred that greatly benefit…read more →

Tax Tips for New Businesses and Self Employed Taxpayers

Josephine perfected the art of baking. Her cookies, cakes and pies were always a hit amongst friends and family who persuaded her to take it up professionally. Encouraged by them, Josephine started a bakery specializing in hand-made and hand-crafted products. While her venture was a hot, because the end result was baked with love, what she was struggling with was…read more →

Tips for U.S. Taxpayers with Foreign Income

It’s not like ‘Out of sight, out of mind’. You can’t do that with the taxes you owe to your country of residence or origin. While you work abroad for a foreign company (or an American company with a foreign headquarters), as you might be eligible for some tax advantages when you live and work abroad. So, even if you…read more →

– IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $50,001 or More Covered

Flying off to an international destination and starting life afresh in an exotic island, is not an option when you have large piling tax debts on you. Not anymore! This idea often glamorized in movies as a fresh start to a new life, is no longer possible for individuals with “seriously delinquent tax debts”. The IRS now has updated procedures…read more →

Financial Planning and Fiscal Fitness

Believe it or not, everybody can become a millionaire given enough time. Here’s the simple math behind it. Betty and Jonathan taught their son to put away $2,000 into an IRA each year, from the age of ten (10) through twenty (20), and he does no more with the money, but wait. When Jonathan turns sixty (60) he will have…read more →

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