Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs. $2,000 Home Energy Audits Qualifying Homes 5-Year Requirement Basis Adjustment Manufacturer’s Certification Qualified Product ID Number Differences Between Sec 25C Credit and Rebates Installation […]
Looking to stretch your dollars further before the end of the year? Tax-free weekends offer a fantastic opportunity to save on essential purchases. From school supplies and clothing to technology and holiday gifts, these special state-sponsored events allow you to shop without the burden of sales tax. Whether you’re gearing up for the school year […]
Article Highlights: Severance Pay Unemployment Compensation Health Insurance COBRA Marketplace Employer Retirement Plans Repaying Retirement Plan Loans Moving and Home Sale Navigating the Financial Consequences Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits, […]
In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven’t fully utilized these features yet, it’s time to revisit them and streamline your collections process. Here’s an updated guide on how to use QuickBooks’ payment […]
Article Highlights: Understanding Traditional and Roth IRAs The Conversion Process Benefits of Converting Tax-Free Withdrawals No Required Minimum Distributions Estate Planning Advantages Pros and Cons of Converting Age Considerations Other Tax-Related Issues Non-Deductible Traditional IRAs Conversion Income Net Investment Income Surtax Paying the Tax on a Conversion Tax Strategy Taxpayers are limited in the annual […]
September 2024 Individual Due Dates September 1 – 2024 Fall and 2025 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 – 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 […]
Article Highlights: $25,000 Rental Passive Loss Limitation Unlimited Losses When Qualifying as a Real Estate Professional What is Material Participation? Navigating the Rules Examples The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out […]
Article Highlights: Qualifications Tax Home in a Foreign Country Foreign Earned Income Bona Fide Residence Test Physical Presence Test Foreign Housing Exclusion and Deduction Married Couples Self-Employed Individuals Earned Income Tax Credit Foreign Tax Credit Combat Zone Workers Flight Attendants State Tax The Foreign Earned Income Exclusion (FEIE) under Section 911 of the U.S. Internal […]
Article Highlights: What is a Sec 529 Plan? Tax Benefits of Sec 529 Plans Funding a Sec 529 Plan Who Can Contribute to a Sec 529 Plan Gift Limitation and the 5-Year Option Form 709 and Making Up Contributions Higher Education Credits Impact on Financial Aid Qualified Expenses and Recent Flexibility Enhancements Refunds & Recontribution […]
Article Highlights: Understanding the Threats Common Scams Targeting Seniors Awareness and Protection Strategies Tips for Caregivers Key Points to Remember IRS Advice and Resources Key IRS Recommendations What to Do if Scammed Long-Term Steps As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and […]