by admin | Feb 20, 2026 | Deductions
There are many tax benefits built into home ownership. Here’s a summary of the most common. It may be worth a quick review to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is one of the...
by admin | Feb 13, 2026 | Your Income
Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules. The rule: If you receive rental income for less...
by admin | Feb 6, 2026 | Miscellaneous
Late filing of S corporation and partnership returns can be costly The IRS is penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact...
by admin | Jan 30, 2026 | The Audit
What you need to know If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term contemporaneous. So...
by admin | Jan 23, 2026 | Retirement
A penalty to avoid with these tips It’s one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your IRA or 401(k) during retirement. It’s quite another when you pay the tax PLUS a 10% penalty for an early...
