While there are a number of reasons to consider converting a home into a rental, there are also tax issues need to be dealt with. Home values are through the roof. Demand for housing exceeding the available inventory. Current interest rates are at an all time low. It’s no wonder homeowners are converting their existing …
Tax Blog
Before Selling Investment Property, Seek Tax Advisor Recommendations
These days, many individuals nearing retirement and holding investment property are considering selling investment property due to the lucrative real estate market. While it may seem like a perfect time to offload those property assets and reap the profits – make sure that you talk to your tax advisor before taking the plunge, or you …
Before Selling Investment Property, Seek Tax Advisor RecommendationsRead More
Electric Vehicle Credits Phasing Out
Considering purchasing an electric vehicle and expect to receive federal electric vehicle credits along with the purchase? Be sure to do your homework first. There is a phaseout based on a manufacturer’s sales of electric vehicles that impacts the credit available to the purchasers of the vehicles. Many popular manufacturers like Tesla and General Motors …
Congratulations to Michelle Long for passing the EA exam!
Congratulations to Michelle Long! Michelle Long will soon be able to add a set of initials after her last name. Recently Michelle took and passed the final exam (of 3) required for the Enrolled Agent certification. However, currently she’s waiting (along with everyone else) for the IRS to acknowledge her achievement and send her the …
Congratulations to Michelle Long for passing the EA exam!Read More
Tax Reporting Issues Concerning Foreign Income
Since the pandemic, more people than ever are working remotely and telecommuting worldwide. And with the variety of work locations, especially concerning foreign income, comes tax reporting issues. One or more of these may be relevant to your situation. The following tax reporting issues, which you may not be aware of, apply to individuals. In …
Do You Need To File Estimated Tax Payments?
Wondering if you need to file estimated tax payments? Consider the fact, they are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Who needs to file estimated tax payments Employees …
Payment Options When You Can’t Pay Your Taxes
If this year, you need to consider some payment options to help pay your taxes, you are not alone. Although most American taxpayers (74% in 2020) receive a refund when they file income tax returns, many end up owing. And of those who owe, many don’t have the means to pay by the return due …
Video Tips: Can’t Pay Your Taxes? Watch for options.
Concerned that after this last pandemic year you can’t pay your taxes? Most taxpayers will receive a refund when they file their income tax returns. But what if you end up owing the IRS and can’t pay your taxes within the given deadline? Watch this video for some possible solutions to minimize your tax penalties …
Video Tips: Can’t Pay Your Taxes? Watch for options.Read More
Cash Flow Solution For Seniors
Considering your options regarding a cash flow solution? The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022. This is the highest rate since February of 1982. Inflation hits those on a fixed income, often seniors, the hardest. On top of escalating living expenses due to inflation, some retirees are faced …
