Let Mattel You about Barbie’s Taxes https://bit.ly/44rvHY5

Business owners can deduct ordinary and necessary expenses on their tax returns in the year the costs were incurred, if the costs are substantiated. The U.S. Tax Court ruled that a married couple who reported no income for a new business wasn’t allowed to deduct most costs. They spent money on supplies and materials that […]

The IRS is reminding residents and businesses in parts of four states that their extended 2022 tax filing due date is coming up fast on July 31, 2023. Taxpayers in certain counties in Arkansas, Indiana, Mississippi and Tennessee were granted extensions (see eligibility, https://bit.ly/3rundkh  ) following severe spring storms. Among other things, this due date […]

The war against inflation is a long way away from being won – CNBC https://bit.ly/3OitxUS 

Summer isn’t tax season (thank goodness!), but common summer activities can have tax implications. For example, if you’re getting married, you should notify the IRS and Social Security Administration about any name or address changes. Sending kids to camp? Depending on various factors, camp expenses could qualify for the Child and Dependent Care Credit. If […]

2 big takeaways from the Supreme Court ruling on Biden’s student loan forgiveness plan – CNBC https://bit.ly/44y3w9W 

The gross tax gap is defined as the difference between estimated “true” tax liability for a given period and the amount of tax that’s actually paid to the IRS on time. The Congressional Budget Office estimates that the U.S. tax gap from 2014 to 2016 averaged $496 billion annually. Because of funding from the Inflation […]