- When To Claim a Disaster Loss
- Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you may be able to recoup a portion of that loss through a tax deduction. If the casualty occurred When a within a federally declared disaster area, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
- Year-End Strategy: Avoiding Underpayment Penalties
- You can avoid or minimize the underpayment penalty with a few simple steps. Learn more.
- If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know
- Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers don’t bother to report either, which isn’t in line with the tax law’s filing requirements
- 12 Common Tax Problems to Avoid
- No matter how hard you try, at some point, you may find yourself facing one or more of the tax issues cited here (or something entirely different that we haven’t included). If that happens to you, contact us immediately for expert professional help.
- Getting Started with Accounts in QuickBooks Online, Part 2
- We covered a lot of ground last month, but there are still some things to know about working with transactions you import from your banks.
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