Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting […]
The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student debt is a hot topic. As of July 2023, total U.S. student loan debt stood at […]
Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the […]
September 2023 Individual Due Dates September 1 – 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 – Report Tips to Employer If 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 […]
Are you wondering where the world economy is going and how your personal finances will stand up to the changes? If so, you are not alone. Part of the fun of being on this planet is planning for the future even when it’s not clear what will happen tomorrow or next week. If you’re old […]
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 […]
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 […]
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 following are some events […]
If you’ve been paying attention to the news recently, you’re no doubt well aware that artificial intelligence is a topic of much discussion. Thanks largely due to the launch of ChatGPT and the potentially disruptive implications of what this topic can do, it’s everywhere. The FTC recently announced that it’s investigating whether ChatGPT itself harms […]
Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying Workers IRS’ Voluntary Classification Settlement Program It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because […]