Alpha’s Tax Tips

Ask the IRS to Remove an Old Tax Lien

You must ask the IRS to withdraw a tax lien once the tax liability is fully paid. The Service will withdraw the lien: Provided you have paid your tax bill The IRS has released the lien You have been tax-compliant for the past three years A withdrawal of a tax lien expunges the lien immediately […]

Do You Know That Business’s Suffer From Identity Theft Also?

Business tax identity-theft refund fraud continues to be a growing problem. This occurs when fraudsters use stolen or fabricated employer identification numbers to fill bogus corporate and payroll tax returns and other forms to claim false refunds. The Service has steps that businesses can take to safeguard their own data and those of their customers. […]

Seek PPP Loan Forgiveness

The massive economic stimulus law – the Coronavirus Aid, Relief and Economic Security (CARES) Act – provides a wide range of relief to small businesses, including Paycheck Protection Program (PPP) loans supervised by the Small Business Administration (SBA). Now is the time to apply for PPP loan forgiveness. If you qualify, you won’t owe any […]

Give IRA Funds Directly to Charity

If you are over age 70 ½ and receive annual required minimum distributions (RMDs) from your IRA (s), you may have more flexibility this year than you think. Transfer funds directly from an IRA to a charity. There are no federal income tax consequences to this “qualified charitable distribution” (QCD). A 2020 QCD may still […]

Connect with Electric Vehicles Credit

The tax law rewards environmentally conscious car owners. Buy an electric vehicle that qualifies for a special tax credit. The options continue to expand as technology improves. But you may have to move fast to get the car you want. The credit begins to phase out for a manufacturer’s vehicles when at least 200,000 qualifying […]

A Roth For Your Kid? It Works

Suppose your teenage child was fortunate enough to land a job this summer. Typically, your progeny might have an eye on the latest video game craze or a smartphone, but there may be a better way for him or her to spend the hard-earned cash. Encourage your child to make a Roth IRA contribution. Even […]

Seek Tax Aid for Medical Dependent

Suppose you help support an elderly parent or another qualifying relative. Under the Tax Cuts and Jobs Act (TCJA), you cannot claim a dependency exemption deduction for a dependent relative for 2018-2025. But keep reading. Pay your dependent qualifying relative’s medical expenses. You can add those expenses to your own medical expenses for the year. […]

Reap Tax Windfall From Your Home

As Dorothy said in the classic film The Wizard of Oz, “there’s no place like home.” Don’t sleep on the tax breaks associated with home ownership. Not only can you benefit while you are living there, you can reap a tax windfall when you finally sell the place. Here are six ways to go over […]

Juice Up Your Company’s FSA Plan

Due to COVID-19 pandemic, many employees have incurred unexpected health and dependent care costs that go far beyond the usual run-of-the-mill expenses. Give your employees more flexibility. Amend your company’s flexible spending account (FSA) plan to take advantage of liberalized rules. The IRS has just issued new guidelines for FSAs in 2020. (IRS Notice 2020-29, […]

Salvage Tax Break for Property Damage

Does your business have property that has been damaged recently by a natural disaster or vandalism? You don’t have to wait until your company fields its 2020 tax return to obtain tax relief. Amend your company’s 2019 tax return. Under a special tax code provision you can elect to claim a casualty loss for business […]