The summer is prime time for buying or selling a house. If you purchased a home this year, here are a few tax deductions and programs that you might be eligible for. Deductible house-related expenses Most people take out a mortgage to buy their home and then make monthly payments to the lender. This mortgage […]
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Tax Tips for Newlyweds
If you’re “tying the knot” this summer, you should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after the wedding. Name and address changes People who change their name after marriage should report […]
Read more...Tax Tips for Parents
As every parent knows, kids are expensive. If you are the parent or caregiver of a child, there are some tax breaks that can help make those expenses a little less painful. First things first… If you are a new parent, there are a few things you will want to do before exploring any tax […]
Read more...Tax Considerations when Selling Your Home
Spring and Summer are the height of the real estate sales season. If you’re selling your home this year, you may be able to exclude all or part of any gain from the sale from your income when you file your next tax return. When selling a home, homeowners should think about: Ownership and use. […]
Read more...Deductions for Business Travelers
Despite the rise of Zoom, Webex, and other video calling software, travel is still an important part of many people’s work life. If you are one of the thousands who travel for work, there may be tax deductions available to help you offset the cost of this travel. What to know about tax deductions for […]
Read more...Beware Employee Retention Credit Scams
If you own a business, you may have been approached by mail, email, or telephone by marketers who claim that they can get you a tidy chunk of government money by preparing your application for the Employee Tax Credit (ERC). While the credit is real, aggressive promoters are wildly misrepresenting and exaggerating who can qualify […]
Read more...Expanded Home Energy Tax Credits
There are a lot of reasons why you might make improvements that improve the energy efficiency of your home. They are good for the environment, they can make your home more comfortable, and new equipment can be less prone to breaking down. To this list, you can also add tax credits that can make these […]
Read more...How to Track Your Tax Refund
If you have filed your federal tax return and are due a refund, you’re probably pretty eager to get your hands on the money you are owed. If you’re wondering when your refund will arrive, the IRS has an online tool called “Where’s My Refund?” that you can access on their website at https://www.irs.gov/refunds. The […]
Read more...Filing a Final Tax Return for a Deceased Person
A death is oftentimes a time of sadness. But that sadness can be compounded with confusion for surviving family members who are responsible for taking care of final arrangments. One of these arrangements that many are unfamiliar with is filing a final federal tax return for a deceased person. If you are responsible for the […]
Read more...Changes to Required Minimum Distributions
Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changes the age RMDs must begin to age 73 for taxpayers that reach age 72 after December 31, 2022. Roth IRAs are not subject to RMDs […]
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