Things to Consider Once Your Tax Return Is Filed
The tax filing deadline for 2021 tax returns was April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some [...]
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 [...]
Lost Your Job? Here Are the Tax Aspects of an Employee Termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. [...]
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 [...]
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 [...]
Keeping Meticulous Records Is the Key To Tax Deductions and Painless IRS Audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses [...]
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 [...]
Take Advantage of Tax Breaks for Small Businesses
If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you [...]
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 [...]
Did You Give to Charity in 2021 — Make Sure You Have Substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a [...]
Smooth Sailing: Tips to Speed Processing and Avoid Hassles This Tax Season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid [...]