What Are IRS Allowable Living Expenses?

June 24, 2015

The IRS is prohibited from collecting assets an individual needs to meet their basic living requirements. Coined as “Allowable Living Expenses,” these are excluded from the calculation used by collection agents to determine how much a taxpayer’s reasonable collection potential is. Simply put, the IRS will always allow a taxpayer to keep enough cash to…
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Tax Filing Tips for Same-Sex Couples

June 15, 2015

With same-sex marriage considered legal in the eyes of federal government, same-sex couples are now able to file joint tax returns – even if they live in a state where their marriage is not recognized. For tax purposes, all marriages are seen as equal. Like all other tax matters, however, this form of equality may…
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