Making Home Improvements? You May Qualify for a Substantial Tax Credit

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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.…

Tax-Free Weekends Guide: September – December 2024

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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…

Unexpected Windfall or Financial Pitfall? Navigating the Tax and Financial Consequences of Losing Your Job

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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…

Stop Chasing Payments: QuickBooks’ Reminders Can Help You Get Paid Faster

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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…

Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA

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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 …

Important September 2024 Due Dates

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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…

Unlimited Deductions: How Landlords Can Navigate Beyond the $25,000 Loss Limitation

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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…

Cash In on Global Wealth: How Working Abroad Can Slash Your Tax Bill and Expand Your Horizons

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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 …

Education Savings: How a Sec 529 Plan Can Transform Your Family's Future

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…

Protecting Our Seniors; Understanding and Preventing Scams

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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…