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Tax Issues That Arise When Converting a Home into a Rental
With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage intere…
Seek Tax Advisor Recommendations Before Selling an Investment Property
There are a variety of investment property tax-planning strategies that will provide you with significant benefits. These include:…
Working Abroad Has Huge U.S. Tax Benefits
U.S. citizens and resident aliens are taxed on their worldwide income, whether they live in the U.S. or in another country. However, qualifying U.S. c…
Video Tips: Tax Deadline Is Here – Do You Need An Extension?
If a taxpayer cannot file their tax return by the April due date, they can file for an extension of time. If you need help getting an extension, contact us today.
Electric Vehicle Credits Phasing Out
If you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with the purchase, you better do your homework …
Video tips: time is almost up to claim your 2018 Tax Refund
The statute of limitations for claiming refunds expires on April 18, 2022, for 2018 returns. If you still want to claim your 2018 refund or make an amendment to your return, time is running out.
Are Damage Awards Taxable?
Frequent questions that arise are: Are amounts received from settlement of lawsuits and other legal remedies taxable? Are the legal fees paid in connection with these payments tax deductible? The tax code specifies that all income is taxable from whatever source derived, unless exempted by the Internal Revenue Code.
Foreign Income and Tax Reporting Issues
Anymore, we have a worldwide economy and with that comes a variety of tax issues. Some of these may be relevant to you. The following issues, some of…
Video Tips: Claiming Your Child as a Dependent after a Divorce
When divorced or separated parents have young children it often becomes argumentative as to who claims them. The IRS actually has rules that answer that question. This video will give you a quick explanation of this tax issue. If you need a detailed answer for your specific situation, please give us a call.
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