VITA Royalties

Training for royalty transactions in VITA are brief and instructions for how to enter them in Taxwise are not easy to find. With some trial and error and investigation, I believe I understand how to best enter them in Taxwise. It is rather… more »

VITA (Taxwise) Intro

Working at VITA is quite a learning experience. Working with the IRS, non-profit organizations are able to offer free tax assistance to low-income individuals via the "Volunteers in Tax Assistance" program. To adequately staff the site, the VITA… more »

Unexpected Taxes

On an annual basis, taxpayers may be surprised by the additional taxes they may be liable for. Here's a few of those situations. Employer provided credits In anticipation of providing credits for some expenses you may have, some employers include those… more »

MyRA: Trivial

I didn't hear Obama's SOTU speech, but reading about it, his MyRA proposal was quite interesting. Over the past 24 hours it has been the buzz among financial planners. In short, through the new MyRA, if your employer participates, you can contribute to… more »

Keeping Up

In December of last year (2013), I finished the exams for Enrolled Agent. When preparing for the E. A. exam, I had to mentally block out most of what I heard about tax changes because the exam was on 2012 laws. Following that I started spending time get… more »

EAs: Tax Professionals

Reading an article on the tax implications of Obamacare I found it interesting the people that the article quoted, and in particular, the titles of the individuals quoted. In the article, Tax Pros Face Obamacare Questions by Jeff Stimpson, of the seven… more »

Tax Update Quickie

It has been more than six months since my last post. In that time I've been studying and testing for the Enrolled Agent certification. Having passed (presumably in flying colors: I'll never know), now I am waiting for the IRS to process my application.… more »