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Your Home is a Bundle of Tax Benefits

Your Home is a Bundle of Tax Benefits

There are many tax benefits built into home ownership. Here is a review of the most common. The home gain exclusion. When you sell an asset for a profit, it creates a taxable event. If the asset, though, is your primary residence, you can exclude up to $250,000...
Common Situations that Require a Tax Review

Common Situations that Require a Tax Review

Taxes can affect many areas of your life. Here are some common situations when you’ll want to schedule a tax review. Something changed in your life. A change in your life could mean significant changes in your tax status. Some of these changes include:Getting...
Tax Consequences of Virtual Transactions

Tax Consequences of Virtual Transactions

As social distancing turns convenience into necessity, the number and types of activities moving to the internet is exploding. It’s important to remember that these virtual events often trigger real-world tax implications. Here are some things to keep in mind:...
Tax Saving Tips for Parents and Grandparents

Tax Saving Tips for Parents and Grandparents

Leveraging the kiddie tax rules With careful tax planning, you can use the kiddie tax rules to reduce your tax obligation. Here’s what you need to know. Background The term kiddie tax was introduced by the Tax Reform Act of 1986. The rules are intended to keep parents...
The Secret to a Quick Tax Refund

The Secret to a Quick Tax Refund

Here’s how to get your overpayment as soon as possible. Delayed tax refunds, penalties for not filing 2020 tax returns on time that were actually filed on time, and timely tax payments being flagged as late are just some of the headaches taxpayers are grappling...