Do You Owe the Nanny Tax?
The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled [...]
Tax-Favored Ways to Build Up a College Fund
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage [...]
Retiring Soon? 4 Tax Issues You May Face
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and [...]
Many Parents Will Receive Advance Tax Credit Payments Beginning July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue [...]
Deductions for Self-Employed
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of [...]
Still Have Questions After You File Your Tax Return?
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]
Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also [...]
Vacation Home Usage Has Tax Implications
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or [...]
Working in the Gig Economy Results in Tax Obligations
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the [...]
Providing Education Assistance to Employees? Follow These Rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year [...]
How Virtual Currency Transactions Affect Your Tax Situation
The IRS wants to know about any virtual currency transactions. However, many taxpayers are surprised to learn that Bitcoin and other forms of virtual currency are considered "property" for tax purposes, [...]
Why It’s Important to Meet Tax Return Filing and Payment Deadlines
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed [...]
Unemployed Last Year? Buying Health Insurance This Year? You May Benefit From Favorable New Changes
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage [...]
Home Sales: How to determine your “Basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it [...]
Who Qualifies for “Head of Household” Tax Filing Status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies [...]