Tax Rules of Renting Out a Vacation Property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the [...]
2022 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so [...]
Bring Home a Tax Credit for Adoption
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2022, a tax credit [...]
Inheriting Money? Be Aware of “Income in Respect of a Decedent” Issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or [...]
Beware: Remote Work May Complicate Your Income Taxes
Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home. Some remote workers even work [...]
How Does Divorce Affect Social Security?
If you're divorced, it's possible to claim Social Security spousal and survivor benefits from your ex-spouse, and to keep the entire matter private. The Social Security Administration (SSA) will not inform [...]
The Election to Apply the Research Tax Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex [...]
How to Maximize the QBI Deduction Amid the Pandemic
Since the qualified business income (QBI) deduction first become available in 2018, things have changed dramatically, mainly due to the various effects of the COVID-19 pandemic. Possible tax rate increases, and [...]
Are you ready for the 2021 gift tax return deadline?
If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in [...]
Married Couples Filing Separate Tax Returns: Why Would They Do It?
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing [...]
Federal Tax News for Individuals
Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If [...]