by admin | May 8, 2026 | Your Income
One of the best places for parents to look for tax savings If you’re a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but...
by admin | Mar 13, 2026 | Your Income
What everyone should know Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Listed here are a number of income items that the IRS does not tax. 1. Tax-free interest. Municipal bond interest is tax-free at 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 | Sep 19, 2025 | Your Income
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks where your...
by admin | Aug 29, 2025 | Your Income
With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates...
by admin | Jun 27, 2025 | Your Income
Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you’re still reeling from an unexpectedly large tax bill in April. Here are four timely tips: Rent your home. If you rent out your main home or a vacation home part of...
