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
The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....
Being a self-employed, independent contractor, or working for a small business can seem like a dream. However, one downside is that you are unlikely to have access to a workplace pension...
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
As the costs, inconvenience, and safety concerns of commercial flights continue to rise, many people and businesses find using a private jet a better and more efficient form of transportation...
The medical expense deduction is large enough to cover pregnancy tests, braille books, and smoking cessation programs. However, it doesn't cover everything you pay to stay healthy....
There is a way you can deduct the medical expenses of another person, even if the person is not under the same roof as you. This is a tax break that many do not utilize, especially...
Medical expenses can be deducted from your federal tax return as much as they exceed 10% of your annual gross income. Most people are aware of the common medical expenses you...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020