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Two weeks ago, I wrote that there are certain situations which permit the exclusion from Gross Income on a Taxpayer’s tax return, when they are the recipients of debt forgiveness that would typically be taxed. One of the options that permitted exclusion was for debt cancelled during insolvency. T...
In some case, entrepreneurs who work from home can write off a portion of their housing and utility expenses.  That's often a big question for our clients in our Richardson, TX tax office, who use part of their home in their business.  If you qualify, it can have a big impact.  For example, a qua...
As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded from Gross Income. Today, we...
When new business owner's come into our Richardson, TX tax office, a common question is if the business needs its own Employer Identification Number (EIN).  An EIN is a nine-digit number that the IRS assigns to identify tax accounts. It’s also referred to as a Federal Tax Identification Number. W...
In general, if you borrow money and you are legally obligated to repay that debt at a future date, if that debt is forgiven in full or in part, the cancelled debt becomes income to you. However, there are situations that tax law permits you to exclude the income from your tax return. Did you know...
Did you know that as a taxpayer who owes income taxes to the IRS, you may qualify for a payment plan that if all payments are made, will not completely pay your tax debt within the 10 years that the IRS has to collect income tax debt? Many taxpayers who come to our Richardson, TX tax office are n...
When taxpayer’s have IRS Debt, the IRS has a number of tools to use to collect the debt. Those include levies, liens, and can also include revoking the taxpayer’s passport. For some taxpayers, this is not a major threat. For others, there can be a substantial impact including harming a taxpayer’s...
Starting a business is exciting and nerve-wracking all at the same time. Our Tax firm is in Richardson, TX, and every day, there are hundreds of new businesses being formed in the DFW area. The process of starting a new business can be intimidating and the “to do” list can seem never-ending. Belo...
When taxpayer’s come into our Richardson, TX tax office, one of the biggest challenges I often have is getting them into tax compliance. Today, we’ll discuss what Tax Compliance means to the IRS and why it’s critical to effectively resolving your tax debt. What Does the IRS Consider Tax Complianc...
Taxpayers involved in Real Estate are the largest group of tax clients for my Richardson, TX tax firm. Did you know that Landlords who spend at least 250 hours a year managing and maintaining their rental properties may be eligible for the Qualified Business Income (QBI) deduction (QBID). That av...

Bob Jablonsky

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