As every parent knows, kids are expensive. If you are the parent or caregiver of a child, there are some tax breaks that can help make those expenses a little less painful. First things first… If you are a new parent, there are a few things you will want to do before exploring any taxRead more about Tax Tips for Parents[…]

Spring and Summer are the height of the real estate sales season. If you’re selling your home this year, you may be able to exclude all or part of any gain from the sale from your income when you file your next tax return. When selling a home, homeowners should think about: Ownership and use.Read more about Tax Considerations when Selling Your Home[…]

Despite the rise of Zoom, Webex, and other video calling software, travel is still an important part of many people’s work life. If you are one of the thousands who travel for work, there may be tax deductions available to help you offset the cost of this travel. What to know about tax deductions forRead more about Deductions for Business Travelers[…]

If you own a business, you may have been approached by mail, email, or telephone by marketers who claim that they can get you a tidy chunk of government money by preparing your application for the Employee Tax Credit (ERC). While the credit is real, aggressive promoters are wildly misrepresenting and exaggerating who can qualifyRead more about Beware Employee Retention Credit Scams[…]

There are a lot of reasons why you might make improvements that improve the energy efficiency of your home. They are good for the environment, they can make your home more comfortable, and new equipment can be less prone to breaking down. To this list, you can also add tax credits that can make theseRead more about Expanded Home Energy Tax Credits[…]

If you have filed your federal tax return and are due a refund, you’re probably pretty eager to get your hands on the money you are owed. If you’re wondering when your refund will arrive, the IRS has an online tool called “Where’s My Refund?” that you can access on their website at https://www.irs.gov/refunds. TheRead more about How to Track Your Tax Refund[…]

A death is oftentimes a time of sadness. But that sadness can be compounded with confusion for surviving family members who are responsible for taking care of final arrangments. One of these arrangements that many are unfamiliar with is filing a final federal tax return for a deceased person. If you are responsible for theRead more about Filing a Final Tax Return for a Deceased Person[…]

Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changes the age RMDs must begin to age 73 for taxpayers that reach age 72 after December 31, 2022. Roth IRAs are not subject to RMDsRead more about Changes to Required Minimum Distributions[…]

If you can’t pay your tax bill by the April 18, 2023 deadline, don’t panic. The IRS offers several options to help you pay on a schedule you can afford. First of all, if you find yourself with a tax bill you can’t afford, it’s important that you don’t ignore the problem. You still needRead more about Have a Tax Bill You Can’t Pay?[…]

Many states made special tax refunds or payments related to the pandemic and its associated consequences in 2022. A variety of state programs distributed these payments in 2022 and the rules surrounding their tax treatment are complex. One question was whether income related to these payments was taxable at a federal level. Recently, the IRSRead more about Guidance Issued on Taxing of State Payments[…]