With summer vacation season almost upon us, people’s thoughts often turn to travel, and we thought it would be a good time to review the rules for deducting the costs of a business trip where you also take a vacation ("mixing business with pleasure").   These costs may be deductible, but are also subject to limitations.  We will discuss these limitations below.

In my youth, I was fascinated by all things weird and wonderful.  The natural wonders of the world, such as the Grand Canyon or Aurora Borealis, were impressive for their scale and beauty.  However, the man-made wonders were impressive not only for their scale and beauty but also for the fact that they sprung from the minds of men and made real through years of hard work.

I was in awe and fueled my interests through the joy of reading. I always held a love for books and looked forward to trips to the local library, so I could find an armful of books that I could read and fill my book log during the annual summer reading program.

If you have come to the realization that you forgot to include an item of income, deduction, credit, etc. from the tax return that you have already filed, you may still have time to make a correction by amending your tax return. 

Generally speaking, you have three years to correct (or “amend”) your Form 1040, by filing Form 1040X.  If you also file a state tax return, you may (or may not) also have to file an amended return as well.

According to the IRS, you can fix mistakes or omissions on your tax return by filing an amended tax return. If you need to file one, these tips can help.

Don’t panic if you haven’t filed your income tax yet. There’s no time like the present to prepare and file your 2015 tax return. 

So, you are feeling pretty good about that lingering debt that has finally been stamped "paid in full." 

Maybe you have refinanced, modified a loan or emptied the piggy bank to clear last year's credit card frenzy that left you with a bothersome monthly payment, accruing fees and a high interest rate.  But, is it all that simple? Will debt cancellation bu ok "as is" or are there other considerations to factor?

As recommended and published by the IRS, below, find a few of most common situations that you should be aware of surrounding debt cancellation and income. 

From IRS.gov

Return Preparer Fraud Is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid During the 2016 Filing Season

WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season.