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2 Ways to Avoid Massive Taxes When Selling a Rental Property

Posted on September 1st, 2020

If you own a rental property (and live there, too) you have 2 fantastic opportunities to reduce taxes on capital gains when selling a rental property.  Read More…

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employee retention credit

Employee Retention Credit Deadline July 31

Posted on July 5th, 2020

As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to $10,000 in wages paid by an employer. Employers that are eligible for the credit for the first and second quarters of 2020, can apply for the credit when they file their second-quarter filing of Form 941, Employer’s Quarterly Federal Tax Return which is due July 31. Read More…

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COVID-19 Tax News

Self-Employment COVID-19 Relief and Tax Benefits

Posted on May 6th, 2020

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens.

Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell you what relief options are available and whether or not you qualify. Read More…

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9 Useful Facts About the Adoption Tax Credit

Posted on May 3rd, 2020

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses differ, depending on the type of adoption. Read More…

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Form 8962: Reconciling the Premium Tax Credit

Posted on March 3rd, 2020

Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also affect a taxpayer’s ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don’t file and reconcile their 2019 advance credit payments may not be eligible for advance payments of the premium tax credit in the future. Furthermore, filing Form 8962, with a return avoids possible delays in processing tax returns and subsequent delays in receiving tax refunds. Read More…

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Individual Taxpayers: Recap for 2019

Posted on December 4th, 2019

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Read More…

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Solar Technology Tax Credits Still Available for 2019

Posted on November 4th, 2019

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits: Read More…

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Tax Tips for Owners of Historic Buildings

Posted on November 1st, 2019

If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Read More…

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Special Tax Breaks for Members of the Armed Forces

Posted on July 2nd, 2019

Active members of the U.S. Armed Forces should be aware that there are special tax benefits available to them such as not having to pay taxes on some types of income or more time to file and pay their federal taxes. If you’re an active member of the armed forces, here’s what you should know about these important tax benefits. Read More…

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10 Facts About the 2019 Child Adoption Tax Credit

Posted on July 2nd, 2019

If you adopt a child in 2019, you may qualify for a tax credit, and if your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten facts you should know about the Adoption Tax Credit. Read More…

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Credit for Plug-In Electric Vehicles Winds Down

Posted on May 3rd, 2019

The tax credit available for purchasers of new General Motors plug-in electric vehicles begins phasing out on April 1, 2019. The phaseout was triggered because General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018. Read More…

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Refundable vs. Non-Refundable Tax Credits

Posted on April 3rd, 2019

Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable, but before we take a look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and a tax deduction. Read More…

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Taxable vs. Nontaxable Income

Posted on March 5th, 2019

All income is taxable unless the law specifically excludes it, but as you might have guessed, there’s more to it than that. With that in mind, let’s take a closer look at taxable vs. nontaxable income.

Read More…

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Seven Common Small Business Tax Myths

Posted on February 4th, 2019

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths. Read More…

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Who Should File a 2018 Tax Return? Are You Eligible for a Tax Refund?

Posted on February 2nd, 2019

Most people file a tax return because they have to, but even if you don’t, there are times when you should—because you might be eligible for a tax refund and not know it. The six tax tips below should help you determine whether you’re one of them. Read More…

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