Milton G. Boothe
Bio
Milton G Boothe is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the IRS.
Stories (15/0)
The New Tax Cuts and Jobs Act of 2017 (TCJA)
In 2017 Congress passed major tax reform legislation, known as the Tax Cuts and Jobs Act of 2017 (TCJA). The changes relating to the Act’s provisions will affect the tax returns of almost every single taxpayer. These changes, however, are temporary in nature and generally apply beginning in 2018 and ending on December 31, 2025. Accordingly, most of the provisions of the Act applicable to individual taxpayers will expire in 2026.
By Milton G. Boothe6 years ago in Journal
You May Be Able to Claim a Relative You Financially Support (Other than Your Child), on Your Tax Return
Some taxpayers are of the perception that they can only claim their own children on their tax returns, as legitimate dependents. Taxpayers, however, can also claim on as dependents, other persons who they support financially. Under tax law, these persons may qualify to be their “Qualified Relatives.” This person has to be someone who you actually supported financially for the tax year in question, but there are four basic tests that must be satisfied, to determine if you are eligible to claim that individual as your qualifying relative.
By Milton G. Boothe6 years ago in Journal
The General Rules for Claiming a Child on Your Tax Return
Claiming a child on your tax return can yield quite a few benefits for the taxpayer, and some of these can be significant. Taxpayers will be able to claim the personal exemption for the child, the child tax credit, and the child and dependent care tax credit. For unmarried taxpayers, claiming a child will qualify them for the Head of Household filing status. Taxpayers may also be eligible to claim the earned income credit if their income falls below a certain amount.
By Milton G. Boothe6 years ago in Journal
The Form 1040 Tax Return: Differentiating Between Income that is Taxable and Income that is Tax Exempt
People sometimes receive money from a variety of sources during any given tax year, and are oftentimes confused as to which inflows are taxable, and which are not. While most income is taxable, there are some sources of funds that are not considered income as such, and you may not have to include income from these sources on your tax return as taxable income.
By Milton G. Boothe6 years ago in Journal
The Head of Household Filing Status — Some Interesting Facts that Are Oftentimes Overlooked
For an unmarried taxpayer, filing Head of Household (HOH) can have substantial financial benefits over filing as a single status taxpayer. In filing as Head of Household, one enjoys lower tax rates and a larger Standard Deduction. So if you are unmarried at the end of the tax year, you may consider filing your taxes using the favorable Head of Household (HOH) filing status, if two basic conditions are met.
By Milton G. Boothe6 years ago in Journal
The Form 1040 Tax Return: How to Maximize Your Itemized Deductions
Every taxpayer who files a Form 1040 tax return is automatically entitled to a Standard Deduction. This is a predetermined amount that the IRS allows taxpayers to deduct from their incomes. The amount varies between taxpayers, and is determined primarily by the taxpayer’s filing status.
By Milton G. Boothe6 years ago in Journal
The Form 1040 Tax Return: Claiming Your Adjustments, Exemptions, Deductions and Credits.
The apparent complexity of tax laws is probably one of the main reasons why people, in general, might be turned off from trying to educate themselves concerning basic tax matters that would enable them to attempt doing their own taxes. But even if they choose not to do their taxes themselves, having basic tax knowledge would enable them to understand what their preparers are doing, and place them in a position to detect any possible errors.
By Milton G. Boothe6 years ago in Journal
Why the Section 1031 Exchange Might be a Hidden Gold Mine for Real Estate Investors
As the economy continues to show signs of improvement, with the stock market breaking all sorts of records and unemployment falling steadily, it is only reasonable to expect, all thing being equal, that the real estate market will also make significantly upward strides, and will once again become a very viable investment vehicle.
By Milton G. Boothe6 years ago in Journal
Do You Know That Under Tax Law You Can Still Be Legally Married But “Considered Unmarried” When Filing Your Taxes?
The general rule for married folks filing their tax returns is that they can ONLY use file as Married Filing Jointly (MFJ) or Married Filing Separately (MFS). Most married folks will typically choose to file Married Filing Jointly (MFJ). Obviously, they choose this filing status because of the favorable tax treatment the IRS allows married couples who choose to file together.
By Milton G. Boothe6 years ago in Journal
Now You Can Smile – Your 1040 Tax Return Isn’t as Complex as You Were Led to Believe
Preparing your taxes yourself is really not as daunting a task as many people might perceive it to be. As a matter of fact, doing your own taxes can be fun. At first glance, the Form 1040 tax return is typically perceived to be a very complex government form, which can only be completed by trained tax professionals. This is an unfortunate misconception, although your paid tax professional might want you to think this way. User-friendly tax software readily available on the market makes it so easy to prepare your own taxes.
By Milton G. Boothe6 years ago in Journal
Don’t Be TRICKED into Believing That You Must Use Tax Professionals to Submit an Offer in Compromise to the IRS
There are a lot of organizations out there that amass huge profits by making big bucks off people who are already heavily indebted to the IRS for unpaid taxes. These organizations make all sorts of glorious promises in their advertisements, declaring how they can marvelously reduce your tax bill to a mere fraction of what you owe. Some even promise to reduce your tax bill to 10 percent or less of what you owe. They all claim that they have CPAs, Enrolled Agents, and attorneys who are all unique in their expertise, and who are all at your disposal for fast, free, and confidential consultations. They usually assert that their lawyers are former tax enforcement or other government officials who will use their unique understanding of procedural rules and their extensive experience in dealing with the IRS to develop creative approaches to solving your problem. After they get you hooked, they usually require substantial, non-refundable up-front fees before they will proceed with your case.
By Milton G. Boothe6 years ago in Journal
