TaxCure Blog

Keeping up with your taxes is a year-round proposition. This is especially true when you encounter situations that result in a change to your income over the course of a year. This year, the big surprise for some workers is related to the fact that, if your income has increased since you applied for subsidized health insurance under the PPACA, you might actually owe money back.

I’m in the process of selling my house. We’re under contract, but everything doesn’t go through for a few weeks yet. If you’ve ever sold a house, you know that it can be a long process. As part of the process, you often need to have your home appraised.

A few years ago, one of the clients for my business was a company in Taiwan. My pay came from this Taiwanese company and was considered foreign income. I had to pay taxes in Taiwan, and since the income amounted to less than $97,600, I didn’t need to pay US taxes on the income as well. I even received a tax deduction for the tax already paid to the Taiwanese government.

Not too long ago, the Government Accountability Office released a report indicating that some big businesses are getting a pass from the IRS. According to the report, certain big partnerships have been audited at a very low rate.

As part of the “fun” that comes with packing up and moving across the country, my family and I are going to have to sell our house. One of the unfortunate realities of the situation is this: There is a chance that we will need to pay up to $10,000 out of our pockets to make this happen.
Between home values in my neighborhood (we bought near the top of the market), broker fees, and other closing costs, there is a chance that we won’t be able to get enough to pay off the mortgage and pay what else we’ll owe. It’s all sorts of good times here.