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Olympic Gold Comes with a Tax Bill

us olympic gold medal and taxesThe United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for gold, helped along by great performances by the United States swim and women’s gymnastics teams.

But what happens after the Games end and the athletes go home with their medals? The reality of the situation is that they will likely owe taxes on their medals and their prize money.

U.S. Citizens are Taxed on Foreign Earnings

One of the first things to understand […]

August 16th, 2016|Tax News|0 Comments

5 Things You Should Know About Claiming the Child Care Tax Credit

child tax creditWe all know child care can get expensive. However, it’s sometimes necessary. If you are working and need help with child care, you can reduce some of the impact to your bottom line with the help of the child care tax credit.

Before you claim the child care tax credit, though, there are a few things you need to know:

1. Your Child Needs to be Qualifying

You can only claim this tax credit if your child “qualifies.” This means that you claim the child as a dependent and you have the appropriate Social Security number […]

July 15th, 2016|Uncategorized|0 Comments

3 Things You Should Know About Tax Audits

irs tax auditThe idea of a tax audit concerns many of us. And why wouldn’t it? The thought of the IRS coming after you, telling you that you owe more money and potentially garnishing your wages can be very daunting. Before you get too worked up about a tax audit, here are three things you should know:

1. You Probably Won’t Be Audited Ever

According to reporting from Kiplinger, you had a 1-in-119 chance of being audited in 2015. More than 99% of individual tax returns go through the system without being audited. That means that […]

July 6th, 2016|Uncategorized|0 Comments

Energy Efficiency Tax Credits Still in Effect for 2016

energy-tax-credits-3A few years ago, the government announced that taxpayers could spend money to install energy efficient systems and receive tax breaks. Those tax credits have been set to expire for some time, but Congress has renewed them for another year. In some cases, the tax credits have been renewed for even longer.

If you want to save money with energy efficient installations, this might be the year to do it. Tax credits have been renewed for tax year 2016, and are even retroactive to purchases made in 2015. That means that if you have been […]

June 7th, 2016|Uncategorized|0 Comments

Do Millionaires Really Leave States with Higher Taxes?

wealthy leave over taxes?One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nominee and then goes on to win, is raising taxes on the wealthy.

However, the other side of that argument is that higher taxes on millionaires could lead to flight. It’s long been assumed that raising state income taxes on millionaires results in the rich fleeing to states where income taxes are lower — or non-existent. Stories of millionaires leaving […]

June 7th, 2016|Blog Post Categories, Tax News|0 Comments