by Admin | Oct 17, 2024 | Individual Taxes
Tax season can be stressful, especially if you’re worried about penalties. Whether you’re an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these...
by Admin | Sep 26, 2024 | Individual Taxes
The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications...
by Admin | Sep 19, 2024 | Individual Taxes
Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though they do not hold the legal title. This concept is rooted in equity law, which aims to achieve fairness and justice. Equitable...
by Admin | Apr 22, 2024 | Individual Taxes
The Internal Revenue Service encourages taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can. The IRS offers different resources to help those who may be unable to pay their tax bill in total. Those who missed the deadline to...
by Admin | Apr 22, 2024 | Individual Taxes, Tax Planning
Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers...
by Admin | Apr 3, 2024 | Individual Taxes
As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Taxpayers in Maine and...
