The income requirements for filing taxes are quite low. If filing single, you need to file a federal return if you earned more than $10,300 in 2015. The amount doubles for a married couple. If you earned more than $8,000, you need to file a state return. Filing a...
Month: May 2016
Do you need to report an offshore account?
If you had one or several accounts outside the U.S. that had more than a combined amount of $10,000 at any time over the year, you probably need to file. The Report of Foreign Banks and Financial Accounts (FBAR), FinCEN Form 114 needs to be electronically filed with...
More New England towns consider selling tax liens
The sale of debt is expanding from past due medical accounts and unpaid credit card balances to tax liens. The private investors who purchase these debts are usually much more aggressive with their collection efforts.Recently, Harwich has considered selling liens to...
Work-related “uniform:” Does this include wardrobe costs?
The general answer is no. How broad in the definition of uniform?A recent tax court case offers guidance. Forbes summarized the facts of the case. An employee worked for a clothing company. He was required to wear company-branded clothing whenever representing his...