28Jul
28Jul
4 of the Most Common IRS Tax Problems
For years, politicians have been talking about simplifying the process of filing federal taxes. Still, despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to the sinking sensation of receiving an IRS notification telling you that...
28Jul
With the Potential Higher Capital Gains Rate Looming Interest in Opportunity Zone Funds Renews
Article Highlights:
Potential Tax Changes Capital Gains Rates Qualified Opportunity Fund Deferred Capital Gains Tax Benefits Investment CareThe U.S. Treasury recently released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration's 2022 revenue proposals. The publication is commonly referred to as the...
28Jul
Should You Opt Out of the Advance Child Tax Credit?
Article Highlights:
Advance Child Tax Credit Payments Began July 15 Should You Take Advance Payments or Wait for the Credit on Your 2021 tax return? How to Opt-Out Basis for the 2021 Child Tax Credit Credit Phase-Out Low Income Safe Harbor Repayments 2021 Credit Amounts Determining the Advance...
28Jul
Mid-Year Tax Planning Checklist
Article Highlights:
Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax ConsequencesAll too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for...
28Jul
Tax Breaks for Grandparents
Article Highlights:
Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild education credits Medical and dental expensesMore and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5...
28Jul
Our Olympic Champs Get a Tax Break
Article Highlights:
Olympians’ Prize Money Who Gets Taxed? Gold Medals Aren’t Solid Gold Value of Medals if SoldYou may not realize this, but in addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with prize money: $37,500 for winning a gold medal (up...
28Jul
Were You Affected by a Disaster Loss?
Article Highlights:
Disaster Losses Extension of Filing Due Dates Hurricane Ida California Wildfires Disaster Loss Deduction Elections Net Operating Loss Possible GainThis year, the United States has had several federally declared disaster areas due to the wildfires in the west, hurricanes, and flooding in the southeast and eastern...
28Jul
Understanding Tax Lingo
Article Highlights
Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate Alternative minimum tax (AMT) Tax Credits Underpayment of the estimated tax penaltyWhen discussing taxes, reading tax-related articles or instructions, one needs to understand the basic terminology and acronyms used by tax professionals and authors to...
28Jul
What You Need to Know About the IRS and Tax Audits
The IRS has long been a bogeyman for the American public, and there’s good reason for that. They have the unique ability to do what few other creditors can: taking your home and selling it out from under you. Still, despite its remarkable powers, fear has created mythologies around the...
