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
According to the IRS, tax rates will depend on the taxpayer's source of income. Your income from the sale of stocks, for example, will generally be taxed at a lower rate than your...
We look forward to all kinds of days throughout the year, like birthdays, wedding anniversaries, the Friday before a three-day weekend, Public holidays, etc. However, for the goal...
A lot of people worry that if they get a raise, they will have to pay a higher tax, leaving them in a terrible financial situation. However, it is wrong and a misconception of the...
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...
Here are some FAQ related to taxes:What Income am I to Pay taxes on?Uncle Sam’s definition of income is money, services, and properties. All income can be taxed, except there...
Posted by Don Bell Law on 02/17/2021
If you do not pay your taxes on time, interest and penalties will accrue with time. As a result, it is in the best interest of taxpayers to make payments when due. Statute of...
Estimated tax is the method some employers use to pay income taxes. When paying income taxes, there are two methods allowed by the IRS; the withholding method or, you guessed it, the...
Most taxpayers will give anything to reduce what they eventually send to Uncle Sam. An effective way to significantly bring down your tax bill is to be smart and wise about the deductions...
Posted by Don Bell Law on 12/15/2020