Hidden Tax Benefits: How Equitable Ownership Can Maximize Your Mortgage Interest and Tax Deductions

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 Article Highlights: Equitable Ownership Who Qualifies as an Equitable Owner? Tax Implications of Being an Equitable Owner Mortgage Interest Deduction Property Tax Deduction Examples of Equitable Ownership Examples Where…

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…

Purr-fect Savings: The Secrets of Pet Tax Deductions

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When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children. Pet…

Installment Sale – a Useful Tool to Minimize Taxes

Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain…

Can’t Pay Your Taxes? Here Are Some Options

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Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds …

Tax Benefits Available for Disabled Taxpayers

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Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified…

Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking

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Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their…

Major Tax Sunset on the Horizon

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Article Highlights: Estate and Gift Tax Personal Exemptions Standard Deductions Home Mortgage Interest Deduction Limitation on Tax Deductions (SALT) Suspension of Tier 2 Miscellaneous Itemized Deductions Suspension of…

8 Steps to Avoid Common Tax and Accounting Mistakes

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Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly…