The first-time home buyer's tax credit was introduced during the 2008 financial crisis to help Americans buy more affordable homes. Although there are many other mortgage and loan...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/18/2022
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
Many taxpayers do not like taking the home office deduction because they fear they might raise some eyebrow from the IRS. Sadly, this is true, especially if you take excessively large...
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...
The main incentive for small businesses under the CARES Act is the Paycheck Protection Protection (PPP) program. The $349 billion funded through the Small Business Loan Program (SBA)...
When you file tax returns, deductions reduce your income and the amount you owe. Taxpayers have two options: they can claim a standard deduction, or they can specify and request specific...
Real estate investment trusts (“REITs”) permit persons to invest in large-scale, income-producing real estate. Real estate investment trust (REIT) is an organization that...
The most commonly asked question of a taxpayer is that whether there is a need to itemize their deductions. So this article will shed light upon some of the fundamental aspects of...
Posted by Wolf Financial Group LLC - Tax Services on 12/14/2018