Except when you are selling for financial distress, selling the home is expected to yield a lot of profit for you. But there's a pitfall: capital gains tax. So many homeowners...
Posted by CORE PERFORMANCE on 05/09/2022
The U.S. Supreme Court ruled in Comptroller of the Treasury of Maryland v. Wynne in 2015 that two states cannot tax the same taxpayer on the same income. But this decision is subject...
Posted by Abundant Wealth Planning LLC on 03/24/2022
Buying a home is a huge financial responsibility. But it's a worthwhile investment. One smart way to kill two birds with one stone is to deduct your mortgage points from your taxes,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/28/2022
When your spouse serves in the military, you've signed for a lifetime of sacrifice, service, and commitment. It's a lifetime of constant calls to service within and outside...
Posted by Pat Raskob on 02/28/2022
Today, relatively few Americans itemize deductions on their tax returns. You can claim either the standard deduction or the itemized deductions, but not both. And, of course, you always...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/08/2022
Including Forgiven Debts With Income Almost everyone who gets a debt forgiven will get a Form 1099-C (Cancellation of Debt) from the lender, which reveals the amount of debt cancelled....
Posted by Income Taxes and Bookkeeping LLC on 09/03/2021
Military personnel are some of the people who make the largest sacrifice. Such a line of job comes with severe hardships, so Uncle Sam offers some compensation in a bid to cushion...
Posted by Rosovich & Associates, Inc. on 08/30/2021
Congress retroactively repealed the 2017 Tax Act that imposed income taxes on unrelated business income tax on non-profits that provided employees with qualifying transportation benefits....
Posted by Income Taxes and Bookkeeping LLC on 11/18/2020
You may have heard of people who were able to claim a tax credit for the expenses they made on their child’s after-school program or get all kinds of tax perks by being enrolled...
Posted by BEST FINANCIAL GROUP LTD on 08/23/2019
