by Admin | Jan 11, 2021 | COVID-19, Individual Taxes
One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) or stimulus payments, names that the IRS took the liberty of creating....
by Admin | Jan 7, 2021 | Individual Taxes
Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you renting your home to others, then you should be aware of some special tax rules that probably...
by Admin | Jan 5, 2021 | Individual Taxes
Is inheritance taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to...
by Admin | Jan 4, 2021 | Individual Taxes
There are few things that can send a chill down your spine more than mail from the IRS. Just seeing the agency’s name on an envelope’s return address creates anxiety. If you find yourself in that position and open the mail to find a CP2000 notice inside, you don’t...
by Admin | Jan 4, 2021 | Individual Taxes
One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income...
by Admin | Dec 23, 2020 | Individual Taxes
December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold...
