Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
The COVID-19 pandemic in 2020 led to a surge in demand for vacation/second homes. If you are thinking about buying a vacation home, we cover 3 things to consider before taking the plunge.
There are a few major reasons why someone might prefer a salaried position over an hourly one. No, they aren’t going to receive overtime pay like their hourly employees, but they do have access to certain benefits that their counterparts don’t.
The benefits of turning your home into a rental include cash income, tax write-offs, and most of all, long- term appreciation of the property. Before you place the “For Rent” sign, consider the tax consequences.
If you sell an asset you purchased, you will likely have to pay taxes on the gain. However, if you sell an asset you inherited, any gain may receive a beneficial tax treatment.
Are you finally buying that thing you’ve always wanted or are you taking your tax return windfall and investing it for your future? Consider your other choices before splurging on more stuff.
IRS Letter 6475 gives you the total amount of money received in 2021 stimulus payments. Do not throw this letter away. This letter will help tax preparers quickly and accurately reconcile the Recovery Rebate Credit when preparing your tax returns.
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate Shawna L. Theriault, CFP®, CPA, CDFA®, and Associate Peter Lynch to cover the triple tax benefit investors can achieve using Health Savings Accounts (HSAs).
If you’re unhappy with how your income tax return is shaping up this season, if you qualify, you can still make a deductible IRA contribution or Health Savings Account contribution for the 2021 tax year.
Special tax benefits are available for those providing daycare services for children and the parents who pay for those services. We take a look at the various tax deductions daycare providers may use and the childcare tax credit that the parents may claim.
