The Treasury Green Book of Biden Proposed Tax Changes

Article Highlights Long-Term Capital Gains RatesTop Individual Tax RatePass-Through Income Subject to 3.8% NIIT or SECA TaxLimit Nonrecognition of Like-Kind ExchangesTransfer of Appreciated Property by Gift or DeathFamily-Owned and -Operated Businesses15-Year Fixed-Rate Payment PlanExcess Business Loss LimitationCarried InterestEnhanced Financial Account Reporting The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes [...]

By |2021-07-21T18:42:07+00:00July 21st, 2021|Categories: Uncategorized|0 Comments

Contemplating Refinancing Your Home Mortgage? Things You Should Consider

Article Highlights: Is It Appropriate to Refinance Your Home Loan?Refinance CostsInterest RatesCredit ScoreBorrowing Additional CashLoan TermItemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and [...]

By |2021-07-21T18:42:19+00:00July 21st, 2021|Categories: Uncategorized|0 Comments

Relocating? How to Do It with Taxes in Mind

If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State [...]

By |2021-07-01T22:01:50+00:00July 1st, 2021|Categories: Uncategorized|0 Comments

Did You Get a Letter from the IRS? Don’t Panic.

Article Highlights: IRS NoticesCP Series NoticeAutomated NoticesFrequent ErrorsID TheftPenalties and InterestWhat You Should DoWhat We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does [...]

By |2021-06-24T22:08:01+00:00June 24th, 2021|Categories: Uncategorized|0 Comments

Tax Issues Related to Renting Your Vacation Home

Article Highlights: If You Don’t Rent Your PropertyIf You Rent Your PropertyRented Fewer Than 15 DaysPersonal Use Is Less Than the Greater of 15 Days or 10% of the Rental DaysPersonal Use Exceeds the Greater of 14 Days or 10% of the Rental DaysIf You Sell Your Vacation HomeIf You Sell Your Home Do you [...]

By |2021-06-23T23:11:33+00:00June 23rd, 2021|Categories: Uncategorized|0 Comments

Haven’t Received Your Tax Refund Yet?

Article Highlights Slow RefundsCOVID-19Economic Impact PaymentsRecovery RebatesUnemployment DebacleUsing 2019 Income to Compute 2020 EITC and Additional Child Tax CreditOther IssuesWhere’s My Refund ToolIRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, [...]

By |2021-06-21T23:20:55+00:00June 21st, 2021|Categories: Uncategorized|0 Comments

Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Article Highlights: Emergency Coronavirus Relief Act of 2020Stimulus PaymentsUnemployment AssistanceCDC Eviction MoratoriumPaycheck Protection Program LoansEarned Income Tax Credit & Child Tax CreditSchool FundingChild CareTransportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. Although not all the details are [...]

By |2020-12-28T23:39:43+00:00December 28th, 2020|Categories: Uncategorized|0 Comments

Didn’t Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return

Article Highlights: Economic Impact PaymentsHigh-Income Taxpayer PhaseoutUsing the 2018 and 2019 ReturnsWho Qualified for a Rebate?Deceased IndividualsTax Return Non-filersReconciliation on the 2020 Return 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) [...]

By |2020-12-18T23:54:45+00:00December 18th, 2020|Categories: Uncategorized|0 Comments

Tax Issues to Be Aware of as Year-end Approaches

Article Highlights Take Full Advantage of Your DeductionsTraditional IRA Contributions at Any AgeMake Charitable Contributions with IRA FundsLarger-than-Normal Charitable Contributions May Be PossibleDeducting Charitable Contributions Without ItemizingMarital StatusMaximize 2020 Education Tax CreditsConvert Your Traditional IRA into a Roth IRARemember the Annual Gift Tax ExemptionMedical ExpensesProperty TaxesManage Your Stock Portfolio It seems hard to believe, but [...]

By |2020-12-17T23:54:21+00:00December 17th, 2020|Categories: Uncategorized|0 Comments

Year-End Gift Giving with Tax Benefits

Article Highlights: Watch Out for Holiday Gift ScamsGifts with Tax BenefitsGift of College TuitionQualified Tuition ProgramsQualified Charitable DistributionDonor-Advised FundsWork EquipmentEmployee GiftsMonetary Gifts to IndividualsDocumentationTimingSpecial Rules for 2020 Contributions The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax [...]

By |2020-12-10T01:00:41+00:00December 10th, 2020|Categories: Uncategorized|0 Comments