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Philip L. Liberatore, CPA Blog

Facing a Huge Gain from a Realty Sale?

If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years. The first and possibly most important issue is adjusted basis. … Continue reading Read More

Americans Losing Trillions Claiming Social Security at the Wrong Time

Most retirees should wait longer to access their benefits, researchers find. Some should claim them sooner. Almost all American retirees claim Social Security at the wrong time, a newreport estimates, which means they will miss out on a collective $3.4 trillion in benefits before they die. While they can tap their benefits as early as age 62, retirees could boost the … Read More

Looking Ahead to 2019 Taxes

You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact your 2019 return when you file it in 2020. Keeping up with the constantly changing tax laws can help you get the most benefit out of the laws and minimize … Continue reading Read More

Would a Mid-year Tax Checkup Benefit You?

If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and avoid certain penalties. The following are some events that can affect your tax return; you may need to take steps … Continue reading...

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What If You Want To File Your Taxes But Can’t Afford To Pay Them?

It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the assumption that the IRS can only bill you if they receive your latest … Continue reading Read More

Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: Businesses Entered Into for Profit – For businesses entered into for profit, the profits are taxable, … Read More

MIDYEAR 2019 TAX PLANNING LETTER

Dear Clients and Friends, For better or worse, the past tax season provides you a clear picture of how the updated tax code impacts your situation. Now it’s time to use this insight to ensure you’re in the best position to effectively minimize your 2019 tax obligations. Consider the actions you can take today that … Read More

New Twists on Tax Scams

On June 5, 2019, The IRS released and article urging taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams.  The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues and another threatens people with a tax … Continue...

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June Estimated Tax Payments Are Around The Corner

June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time to determine if your estimated tax payment should be lowered if you overestimated your income for 2019 or increased … Continue reading Read More

School’s Out – Who Is Going to Take Care of the Kids?

Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. … Continue reading Read More

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