For federal tax purposes, inheritance is not classified as income, no matter what you inherited – cash, property, or investment. However, whatever you earn on such an inherited...
Posted by Pat Raskob on 07/06/2021
Many economists analyze the economic policies of the Biden administration and conclude that inflation is an almost forgone conclusion. Regardless, we are already seeing an increase...
Posted by Pat Raskob on 06/25/2021
A tax credit allows you to deduct a certain amount of money from the taxes you owe. It differs from a tax deduction, which allows you to reduce your taxable income. Tax credits are...
Posted by Rosovich & Associates, Inc. on 06/24/2021
You must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
Some errors on your tax return can cost you a large refund or end up with a larger tax debt with penalties and interest. There could be an audit in the worst cases, but you can defend...
Owning or managing property has many benefits that people overlook, such as the benefits of vacation rentals and tax deductions. While there are several expenses and rules to consider...
A 401(k) plan can be an attractive way to invest because it gives employees the ability to increase their contributions before tax and tax-deferred income until retirement. According...
If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
One of the main advantages of life insurance is that payment to beneficiaries is free. Because life insurance benefits in the event of death can run into the millions of dollars, it's...