Thomas Rex's (trexcpa) Blog

U.S. Individual Income Tax Return SCHEDULE 1 - Additional Income and Adjustments to IncomeThis is where you enter your business income and rental income from real estate, among other things.SCHEDULE 2 - TaxSCHEDULE 3 - Nonrefundable CreditsSCHEDULE 4 - Other TaxesSCHEDULE 5 - Other Payments and R...

I saw an advertising for medical marijuana that said something like - get legal for 2019!We can say the same thing for not filing tax returns. If you have a filing obligation, then you need to file!Here's what IRS publication 501 says:If you are a U.S. citizen or resident alien, whether you must ...

I saw an advertising for medical marijuana that said something like - get legal for 2019!We can say the same thing for not filing tax returns. If you have a filing obligation, then you need to file!Here's what IRS publication 501 says:If you are a U.S. citizen or resident alien, whether you must ...

The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes individuals can deduct in a calendar year to $10,000, or $5,000 if married filing separately. This applies to income, real estate, and sales taxes.  There may be some tax planning possibilities for timing when these taxe...

 The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes individuals can deduct in a calendar year to $10,000, or $5,000 if married filing separately. This applies to income, real estate, and sales taxes.  There may be some tax planning possibilities for timing when these tax...

Despite the government shutdown, the Internal Revenue Service yesterday confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. You can read the full text of the IRS notice here.

Wouldn't it be great if Criminal Minds used their creative intelligence for good instead of for evil! Wouldn't it be great if  viewers no longer wanted to watch horror and terror and violence! Wouldn't it be great if newspapers put all the horrible stories inside instead of on the front pages and...

The Tax Cuts and Jobs Act made some changes in the deduction for home mortgage interest and modified the deduction for home equity interest. If you itemize, no matter when the debt was incurred, interest paid on most home equity loans is not deductible unless the loan proceeds were used to buy, b...

The Internal Revenue Service reminded taxpayers last November that like-kind exchange tax treatment is now generally limited to exchanges of real property. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and...