Tax Insights

With the scorching summer heat here in Arizona, I like many other Phoenicians look forward to spending some weekends near the ocean. For many people this means California, and for others maybe Rocky Point or some other Mexican Gulf coastal city.
If you’re like me and have ever considered investing in a vacation property in these [...]

Have you ever been tempted to reach into the tip jar at your local coffee house and pluck out a couple of bucks when no one is looking? Be honest! Well, the IRS is no different. Actually, how the tips in the jar might be taxed is dictated by who controls the jar and its [...]

Health Savings Accounts are tax-advantaged accounts used in conjunction with a High Deductible Health Insurance Plan (HDHP). These types of plans are becoming more common among the health options employers are offering their employees, as well as an option for self employed individuals. As a participant in the HDHP, employees and employers can make contributions [...]

Even if your children are now grown with families of their own, I’ll bet that you can remember scenes of passionate sibling rivalry during their younger years. In some families the rivalry dissolves as the children age and mature, but it can all come flooding back while they divide up your estate after your death.
If [...]

Hopefully you’re not too late. Calendar year corporations only have until September 15, 2009 to make the election of a long net operating loss carryback, but eligible individuals have until October 15, 2009 to make the election.
The longer carryback election was originally created under the American Recovery and Reinvestment Act of 2009. Prior to this, [...]

You may know when to hold ‘em and when to fold ‘em but do you know how and when to report ‘em? Whether you are playing cards or the slots, it is important to know the rules about reporting gambling winnings and losses.
Here are seven things the IRS wants you to know about reporting what [...]

Do you have a signature authority on a foreign bank account? Do you have a direct or indirect interest in a foreign bank account?  If you answered yes to either of these questions, but have not disclosed your foreign bank accounts on your tax return or filed the Form 90-22.1, then read on.
The Internal Revenue [...]

Beginning in 2010, nearly all restrictions on converting from a traditional IRA to a Roth IRA have been eliminated. In prior years, taxpayers with modified AGI greater than $100,000 and married taxpayers filing separate returns were prohibited from doing so. Although a conversion from a regular IRA to a Roth IRA is subject to tax [...]

Have you ever had one of your business associates or friends comment to you how they are writing off their home office and what a great deduction they are getting? Technology has made it easier than ever for business owners to operate their business from their home offices. Many business owners may be eligible to [...]