When is the perfect time to give birth to a child during a tax year so as to claim that child as dependent on your tax return? You might be amazed by the answer: but anytime during...
Alimony, also known as spousal support, is the money paid to a spouse to another after a divorce. The idea is to help the spouse with the lower income to take care of expenses and...
Who is a tax dependent?A tax dependent is a relative or child whose characteristics and relationship with you allow you to claim certain credits and tax deductions, such as head of...
Posted by CORE PERFORMANCE on 03/10/2022
Individuals can exclude up to $250,000 of income from capital gains tax on the sale of their primary residence, thanks to the Internal Revenue Code (IRC) exclusion of home sales. Married...
Posted by Elliot Kravitz, ATP on 06/11/2021
For most 401(k) plans, the 401(k) tax only applies to withdrawals. Most 401(k) plans are tax-deferred, meaning no income tax on contributions or earnings, interest, or dividends that...
A joint tax filing return makes both parties responsible for the tax bill. It removes the need to foot additional tax debt with an innocent spouse relief if your partner or ex-partner...
Community property is a type of joint ownership of property between couples. With some variation between states, all property acquired or purchased by a couple during the marriage...
Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
It is a common saying that there is nothing as certain as death and taxes. However, the issue with taxes is the inconsistency and the complication. Also, tax is not as old as human...