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
While many people might not realize, there are amazing tax benefits of purchasing a house. Two significant advantages are the property tax deduction and the mortgage interest, which...
When it comes to filing income tax returns, getting the lowest tax liability is not just about skill, it's about what you know. Unfortunately, many taxpayers lose deductions and...
As long as you are full-time Forex traders, you will enjoy some impressive tax advantages that ordinary market participants won't get. However, this qualification might be challenging....
The advantages of being a self-employed or independent contractor are numerous. You have the freedom and flexibility to do your job, and it's also a great way to start your own...
Running a farm can be cumbersome when you consider several expenses and income sources, credits and deductions, etc., which makes things complicated when it is time to file taxes. Everyone...
A lot of small businesses’ operations are conducted from a home office. As long as you use a designated room exclusively for business, it qualifies for some deductions, provided...
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
A day trader employs the rise and fall of stock prices, hoping that it will result in net profit over a year. This means there will be a tax on the proceeds. There are, however,...