IRS’s Dirty Dozen Each year, the IRS publishes a list of the twelve most common tax scams. What are the dirty dozen for 2020? 1. Phishing. You may receive an…
Cancellation of Debt Income In the current crisis, more taxpayers than usual are unable to pay their bills and are seeking debt forgiveness. The general rule is that cancelled debts…
Hobby Income If you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? The distinction between the two…
Mid-Year Tax Checkup As you complete your tax return this year, are you surprised by the amount of your balance due or refund? Many people are unpleasantly surprised by the…
Get the most from yours! Health Savings Accounts (Individual) At Maco & Associates, we don’t seek to only help you minimize your taxes when it is time to prepare your…
CARES Act Brings Relief to Individual Taxpayers The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided relief to taxpayers in a number of ways. The due…