For people that relocated to start a new job, they can deduct moving expenses. This deduction is available for people in the military. Rules for Military Qualification Military...
A household employment tax allows everyone that hires a nanny or a gardener, to name a few, and pays them above $2,200 every year, to pay household employee taxes for their worker....
Posted by Tucker Accounting Services LLC on 01/13/2021
If you are contemplating going with a reverse mortgage or HECM loan, it is imperative to research this unique retirement option's financial impact. A reverse mortgage allows you...
The IRS deals with foreclosure as well as the sale of a property. It was already yours, and you no longer own it, so you could end up paying taxes on a mortgaged property. The event...
If you recently installed energy efficiency upgrades in your home, such as solar panels, you can get a credit for your investment. Two energy tax credits are currently available for...
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...
The EITC (earned income tax credit) is a refundable credit that applies to all taxes owed after completing the return and calculating the amount owed. The Internal Revenue Service...
Posted by Carmen Garcia on 09/14/2020
Form 8396 is an IRS form used by homeowners to apply for a mortgage. The purpose of the mortgage is to help low-income taxpayers pay for their housing. You can only apply for a credit...
1031 exchange is simply a swap of an investment property for another. Since most swaps are considered sales, they are taxed. Meeting the requirement of 1031 will remove or reduce your...