by admin | Apr 5, 2024 | What's New
Here is what to know Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a long time of being turned off. Their process is creating a lot of undue...
by admin | Mar 29, 2024 | Planning
The large gain exclusion creates a tax risk One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales...
by admin | Mar 22, 2024 | Miscellaneous
What you should know If you e-file your tax return, you can generally expect to receive your refund within three weeks of it being accepted by the IRS. Expect four or more weeks if you mail in your tax return. But delays can happen. Refund Delays: The common culprits...
by admin | Mar 15, 2024 | The Audit
No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous...
by admin | Mar 8, 2024 | Deductions
New tax rules are creating confusion Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when and how much can be used to qualify for a home mortgage related deduction. So when your mortgage company reports tax-related...
by admin | Mar 1, 2024 | Miscellaneous
March 15th is quickly approaching March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty. The penalty The...
by admin | Feb 23, 2024 | The Audit
What you need to do NOW! Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things...
by admin | Feb 16, 2024 | Your Income
Understand the rules now to avoid a tax surprise later There is large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. But making the assumption that this gain exclusion will always keep...
by admin | Feb 9, 2024 | Miscellaneous
Review these common causes of filing delays Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year’s tax return, make a list of W-2s and 1099s. Then...
by admin | Feb 2, 2024 | Your Income
A great place to lower your taxes The tax code has plenty of ways to reduce your taxable income, and many take place on your paycheck. If you haven’t already done so, now is a great time to conduct a thorough review of your paystub. Here are some tips: Review...
