Not your average tax and accounting firm.
Have you ever considered the deductibility of installing medically related home improvements? If you are adding some medically related home modifications this year, you should. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. As of 2018, 16% of Americans were age 65 or older. And by …
Costs For Installing Medically Related Home Improvements Have Tax BenefitsRead More
Questioning if you should opt out of the advance child tax credit? If you have children under the age of 18, you might have already received your first payment. Remember: this is money you would have gotten credit for on 2021’s tax return when you file it next year. You are just receiving it in …
Should You Opt Out of The Advance Child Tax Credit?Read More
Is there a tax deduction for special education tuition? And how do you know if a special education school qualifies for that tax break? These questions come into our offices every year – so we wanted to share what the IRS has to say. We all know one component of itemized deductions is the cost …
Is There a Tax Deduction for Special Education Tuition?Read More
Curious about how the interest paid on borrowed money? For example, if you borrow money will the interest you pay be deductible for income tax purposes? The deductibility of loaned money is complicated. And unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and depend on what the …
If you’re debating a reverse mortgage to free up money, this article may help. With inflation on the rise and medical care costs escalating, you may wonder what options are available for seniors to keep up with rising costs? Especially if they have a home mortgage and their retirement income is fixed. Often a fixed …
Considering a Reverse Mortgage? First Learn the Tax TreatmentRead More
Use IRS Letters 6419 and 6475 to help reconcile your tax return in 2021. Early in 2021 Congress passed the American Rescue Plan. This plan included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. However, …
We’ve been singing, “For He’s a Jolly Good Fellow” ever since Scott Nissen, EA returned from Arizona with his newest credentials. Our very own Scott Nissen, Enrolled Agent (EA), from Bellingham, WA was among 116 tax professionals who recently earned the elite National Tax Practice Institute™ (NTPI®) Fellow designation from the National Association of Enrolled …
Congratulations, Scott Nissen, EA, and newly credentialed NTPI Fellow®!Read More
The question “What is tax basis?” comes up in a tax accountant’s office weekly. For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000. If you then sell those …
Mental decline, including Dementia and Alzheimer’s disease are among the health issues that people understandably fear the most. Cognitive decline is devastating for the patient as well as for their loved ones. This is one of the few diseases where the family will often bear witness to the deterioration. And more challenging, they are often …
What To Do When A Loved One Is Facing Mental DeclineRead More
