It's the hottest time of the year, and we can't wait for the holidays to arrive! While tax season is only in the rearview mirror, summer is crucial for making informed tax...
Posted by Pat Raskob on 07/18/2022
Many people are looking to earn extra money by renting out a room in their homes. When it comes to taxes, this is both good news and bad news.The good news is that your rental income...
Posted by Pat Raskob on 05/27/2022
The kiddie tax law was enacted in 1986. It was created to treat issues relating to unearned income tax for 18 years or below people. The scheme was also made available for dependent...
Posted by Pat Raskob on 01/09/2022
You might think that the only time there would be taxes on an IRA or other type of retirement account would be when you make withdrawals or distributions. However, some income received...
Posted by Taxes Made EZ Inc on 06/06/2021
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...
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...
The TCJA eliminated several itemized deductions from 2018 through to 2025. However, the investment interest deduction was not affected. This means that single taxpayers can claim their...
IRS Form 1099-A is an informational declaration that reports the application of a property. Homeowners typically receive an IRS Form 1099-A from their lender after their home has been...
Tax season can be a stressful time for many, and real estate professionals must understand their tax obligations. Whether you're a real estate agent, broker, or real estate investor,...
Posted by KLSM CPA Firm PLLC on 11/30/2023