Traditional and Roth IRAs may be the king and queen of the retirement prom, but there are other great options that savers shouldn't ignore.Although there are lesser-known SEP,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/06/2021
A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...
Do you know if you are considered a household employer? If you've just hired a caregiver, babysitter, housekeeper, or someone else to help you around the house, then there is a...
Treatment of distributions to persons placed on active service for at least 179 days (article 72(t) of the code)Under the current law Under current legislation, a taxpayer who...
Unknown to many people, the proceeds from selling a house might be taxable. However, this article sheds light on the mode of operation and simple ways to avoid ending up with a huge...
Buying a house can be very expensive. First is the down payment. Then there are closing costs, including appraisal, inspection, and title search fees. And once you own it, your expenses,...
Posted by CORE PERFORMANCE on 07/18/2022
Sometimes a debtor could be overwhelmed by debt repayments and may need to negotiate for debt cancellation. If you get one, the IRS considers it an income, and it is taxable. That's...
Posted by CORE PERFORMANCE on 05/22/2022
An Individual Retirement Account (IRA) is a tax-free savings account anyone can open and save for the long term. The IRA is primarily designed for those who want to begin saving for...
Posted by CORE PERFORMANCE on 04/30/2022
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