News - John R. Dundon II, Enrolled Agent
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News

If you actively in an ongoing capacity buy property to fix up and resell even if you are doing it aside from your regular voacation you are"flipping" real estate and as such not eligible to treat those properties as capital assets. If you are holding...

For someone to be a qualifying relative, four tests must be met: The person cannot be a qualifying child of another person. The person must either live with the taxpayer for the entire year or be a relative. The person’s gross income must be less than $3,400 for...

You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their...

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction and your correct amount of tax. Your marital status on the last day of the year determines...

The IRS has outlined in Notice 2008-04, ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. The IRS' Whistleblower Office will make the final determination about whether an...

Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide a centralized, uniform means for the...

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year or so, there may be tax...

You may choose any tax record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records...

The mysterious “other” when we address business expense! Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a number of expenses under the broad...

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