Author Archives: Steven R Patterson

IRS clamps down on wealthy scofflaws

Millionaires cough up half a billion in overdue taxes as IRS clamps down on wealthy scofflaws

Move over, Robin Hood – the real tax redistributors in town are wearing badges, not tights. The IRS announced today that it’s clawed back a whopping $520 million from millionaires who were shortchanging Uncle Sam. That’s right, folks, 1,600 members of the one-percent club finally settled their tab, proving that even seven-figure salaries can’t buy immunity from the taxman’s gaze. Read more about how the IRS clamps down on wealthy scofflaws.

IRS clamps down on wealthy scofflaws

Newfound Muscle

This windfall comes after the 2022 upgrade to the IRS’s enforcement arsenal. Flush with new funding and a mandate to crack down on high-income scofflaws, the agency has been diligently combing through the tax returns of the 1%, separating the honest (or at least, very good at hiding) from the Houdinis of the tax code.

Tax Evasion

This crackdown extends beyond just individuals, too. The IRS is also setting its sights on complex partnerships and large corporations that have mastered the art of turning tax codes into Swiss cheese. Think loopholes so big a T-Rex could waltz through them. But even these financial contortionists are finding it harder to escape the taxman’s gaze.


Well, hopefully it means a fairer playing field. Knowing that the fat cats are paying their share might ease the sting of your own tax bill. And who knows, maybe one day, with a well-funded and effective IRS, we’ll all be able to afford that private jet (or at least a decent vacation). Until then, let’s raise a glass (of something affordable) to the IRS, the unlikely Robin Hoods in suits and ties.

The Truth About the New Mortgage Tax for High Credit Borrowers

Could it be said that you are stressed over another home loan charge for high credit borrowers? Get current realities and see whether this is truly occurring in this enlightening post about a New Mortgage Tax for High Credit Borrowers.

There have been tales circling about another home loan charge that unreasonably focuses on those with high FICO ratings. But are these assertions accurate? We’ll take a closer look at the facts in this post to help you figure out what’s really going on.

New Mortgage Tax for High Credit Borrowers

What is the new home loan charge for high credit borrowers?

There is no new mortgage tax that targets borrowers with high credit scores specifically. The mortgage interest deduction, which enables homeowners to deduct the interest they pay on their mortgage from their taxable income, has been the subject of reform proposals. These plans would limit the amount of mortgage interest that can be deducted, which could have an impact on borrowers with excellent credit who have larger mortgages. It’s critical to keep up with any changes to tax laws that could affect your finances.

Who will suffer as a result of this tax?

There is no new home loan charge explicitly focusing on high credit borrowers. However, high-credit borrowers with larger mortgages may be impacted by proposals to reform the mortgage interest deduction. Some homeowners may face higher taxes as a result of a cap on the amount of mortgage interest that can be deducted from their taxes if these proposals become law. It’s vital to remain informed about any expected changes to burden regulations that could influence your funds.

What will the tax cost?

There is no new home loan charge for high credit borrowers. However, the amount of mortgage interest that can be deducted under proposals to reform the mortgage interest deduction could be affected, which could result in higher taxes for some homeowners. The specifics of any proposed changes to tax laws will determine the precise amount of the potential tax increase, which is unknown. To know how any potential changes could affect your finances, it’s important to stay informed and talk to a financial advisor.

Is this tax in effect right now?

No, there is not yet a new mortgage tax for borrowers with high credit scores. However, there have been plans to change how the mortgage interest deduction is calculated, which could have an impact on the taxes of some homeowners. It’s critical to remain informed and talk with a monetary consultant to comprehend what any potential changes could mean for your funds.

What can borrowers with excellent credit do to prepare for this tax?

As there is at present no new home loan charge for high credit borrowers, there is compelling reason need to plan for it. But it’s always a good idea to keep up with any changes to tax laws and talk to a financial advisor about how they might affect your finances. You can also help ensure that you are in a strong financial position regardless of any potential changes to tax laws by maintaining a good credit score and paying your mortgage on time.

IRS Tells Millions of Americans to Put Off Filing Taxes

Millions of Americans are awaiting word from the Internal Revenue Service (IRS): They can now put off filing taxes until mid-May.

With millions of Americans unable to file their taxes due to the Covid-19 pandemic, the Internal Revenue Service (IRS) has announced that taxpayers can now hold off on filing until mid-May. The decision gives taxpayers several extra weeks to get tax documents in order and prepare for what could be a complicated filing process.

IRS Tells Millions of Americans to Put Off Filing Taxes
IRS Tells Millions of Americans to Put Off Filing Taxes

In 2020, due to the Covid-19 pandemic, the IRS extended the tax filing deadline from April 15 to July 15, giving taxpayers extra time to file their taxes without incurring late penalties or interest. The deadline for some tax-related actions, such as making contributions to an IRA, was also extended. These extensions applied to individual taxpayers, regardless of location. It’s always best to check the IRS’s official website for the most up-to-date information regarding tax filing deadlines and related matters.

Here’s a breakdown of what this means for American taxpayers.

The IRS’s decision to delay the tax filing deadline will give taxpayers extra time to gather any missing documents and make sure their taxes are prepared correctly. Additionally, it provides more time for those who are expecting a refund to get their money back in a timely manner. On the other hand, taxpayers who owe money will have additional time before they must submit their tax payment – though interest may still be due on overdue payments.

What It Means for Taxpayers?

For taxpayers who are expecting a refund, the delay may mean extra time to get their money back. But for taxpayers who owe taxes, the delay may mean additional interest on late payments. It is important to note that tax returns that are not submitted by mid-May will incur penalties and fees. Therefore, it is recommended that taxpayers begin gathering any necessary documents as soon as possible in order to submit their taxes before the due date.

When Should You File Your Taxes?

The Internal Revenue Service (IRS) has announced that tax filing deadlines have been extended until May 17, 2023. This delay gives taxpayers an extra month to file their taxes and allows them more time to prepare their documents. It is important for taxpayers to keep track of the filing deadline in order to avoid any penalties or fees associated with late payments. To get started on preparing your taxes, be sure to gather all necessary documents such as W-2 forms and 1099s.

What Types of Tax Returns Are Affected by the Extension?

The tax extension applies to both individual and business taxpayers. This includes individuals filing Form 1040, corporations and S corporations filing Form 1120, partnerships filing Form 1065, and trusts and trusts filing Form 1041. Taxpayers who have filed returns for tax-exempt organizations and those who file employment tax returns are also affected. Taxpayers should be sure to check the IRS website for the latest forms in order to comply with the extended deadlines.

Will Interest and Penalties Still Apply During the Extension Period?

The IRS will continue to charge interest on any unpaid taxes and there may be penalties levied for late filings. However, some taxpayers may qualify for relief from these types of penalties if they have reasonable cause or meet specific hardship criteria. Taxpayers should contact their tax preparer or the IRS directly to discuss what options may be available.

TurboTax Deluxe

Turbotax Deluxe vs Premier

Turbotax Deluxe vs Premier: Turbotax Deluxe is the best option for people who are not self-employed or have rental properties. It’s also a good option if you’re not eligible for the free version.

Turbotax Deluxe vs Premier
Turbotax Deluxe vs Premier

TurboTax Free Edition

Turbotax free edition is designed to allow low income families and individuals with qualifying incomes to file their taxes for free.

The qualifications for the Turbotax free edition are:

  • You must have a qualifying income
  • You must be a U.S. citizen or resident alien
  • You must not be eligible to use the other Turbotax editions

1099 Income

When someone is paid as an independent contractor, they are not considered an employee. This means that they are not entitled to benefits like healthcare or retirement. The person who hires them pays their taxes instead of the government.

This type of income is called 1099 income because the IRS form for it is 1099-MISC and it’s a miscellaneous income. It’s also called contract work, and you can receive this type of payment from any number of sources including clients, customers, or employers.

The 1099 form is used to report all the money received by a business for services rendered in which the client does not withhold taxes from the payer’s wages or other compensation.

TurboTax Premier is the best option if you’re self-employed with 1099 income, have rental property income/expenses, or are eligible for the free version of TurboTax Freedom Edition.

TurboTax Comparison

TurboTax Deluxe is a software that is designed to make filing taxes easier. It includes the most popular tax forms and provides the basic features for simple tax returns. TurboTax Premier, on the other hand, includes all the features of TurboTax Deluxe and also offers more complex features like audit assistance, cost of home ownership and investment income.

Audit Assistance

Audit assistance is a service that helps with the process of auditing. This is usually done by an external professional, but it can also be done by someone inside the company who has been trained to do so. Audit assistance can be provided in many different ways:

  • Internal audit assistance: this is when the company hires someone internally to provide audit assistance. This person would work both on their own as well as in conjunction with other employees to complete audits. They might also be tasked with training new employees on how to do audits.
  • External audit assistance: this is when a company hires an external auditor to help them with their audits and ensure that they are being completed correctly.
  • Audit consulting: this is when a company hires an outside consultant who helps them find solutions for any problems they are having related to their auditing process, such as how often they should be doing them or how best to go about doing them.


TurboTax Premier has a higher price than TurboTax Deluxe because it offers more advanced features which are not necessary for everyone. The Premier version has some additional features and benefits that make it worth the price tag. If you need to deduct investment expenses or get a refund on past-year over-payments, then you should choose this version instead of Deluxe.

Past Year Over-Payments

When a taxpayer overpays their taxes in one year, they are entitled to get that money back in the form of a refund.

Many taxpayers think of past-year over-payments as refunds, but they are not. When a taxpayer overpays their taxes in one year, they are entitled to get that money back in the form of a refund.

H & R Block Stock Turn Around Opportunity

Last month’s 21% drop in the shares of H And R Block stock should not be viewed as a reason to abandon your investment. Instead, the departure of investors that brought about the drop has the potential to provide the wise investor, with the insight to look to the future, with considerable gains from income in the upcoming quarter.

h and r block stock
Photo by JeepersMedia H and R Block Stock

H And R Block admits that there has been a trend in the past four years of decreased third quarter earnings.  In keeping with the established pattern, a decrease was expected this year. A drop to $502 million was projected, but revenue actually dropped to $475 million. This dramatic loss of $79 million far exceeded the loss of 2015’s third quarter, which bottomed out at $37 million.

We feel that this turn of events provides greater earning potential for the fourth quarter than what was originally projected. In past years, individuals have dealt with financial struggles, simply to survive.  More recently, many have enjoyed an increase in their disposable, or superfluous, income.  This financial shift removes some of the unseen pressure to complete tax returns without delay. Without this pressure, many returns will be completed later.  Later returns greater earnings in the fourth quarter. This calls for serious consideration of H And R Block as an investment that could provide significant income opportunities in this quarter.

H and R Block Giveaway $32 Million For Tax Season

Tax Brand to Promote Sweepstakes in New TV Ads on H and R Block Giveaway

H&R Block

People who failed to win the Powerball should not be worried. H&R Block, Kansas City, Mo, based company, is planning to promote its services by giving away $1, 000 to 1, 000 consumers beginning with a lottery drawing on Saturday for 32 consecutive days. Since the price tag is $32, many people consider the H&R Block Giveaway a historical sweepstakes. Kathy Collins, the tax firm’s chief marketing officer, says the sweepstakes might be the biggest one of all time.
In 2014, H&R Block prepared over 24 million global tax returns and previously offered 50 percent discounts on tax preparation services and other related promotions. It is encouraging timely filings of taxes, according to Ms. Collins. Consumers who file their taxes early have better chances of winning the lottery price.

H and R Block Giveaway
H and R Block Giveaway

The firm is airing two 30-second commercial ads to boost awareness of its lottery. In one spot, it features several men dressed as George Washington dance in well-designed moves. Social media and local marketing at the company will support the effort to air the commercials.

Moreover, H&R Block is running three ads to inspire people to do their taxes on their own. It promotes a $9.9 cost for DIY returns, a similar strategy to 2015. Besides, the company will begin airing two 15-second spots and two 30-second spots featuring Mr. Gartland and NBA player Anthony Davis between February 15 and March 15 for late season tax filers.

H&R Block worked with Minneapolis-based Fallon on the current initiatives. Ms. Collins provides that the company has spent an amount close to the one they spent on last year’s campaign.

Throughout the last 12 months, the tax firm has been phasing out its popular H&R Block Premium band. It has converted those locations to Block Advisers, a new retail brand with 300 regional sites. Block advisers now focus on winning consumers with highly complicated tax returns and will have a unique logo.