September 1 - 2023 Fall and 2024Tax Planning Contact this office to schedule a consultation appointment.September 11 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than [...]
Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild’s education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States [...]
Mid-Year Tax Planning Checklist Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The [...]
Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, [...]
Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would [...]
