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Capital Gains Tax: When Selling Your Home for a Profit Can Hurt

When you buy real estate, especially your own home, your primary concern probably isn’t what price you will get for it when you sell it. But when you do get around to selling that real estate, you certainly don’t want to sell it for less than you… Read More

When Should Your Business Hire an Accountant?

The amount of time you want and need to personally invest in your business’s accounting will be the driving force behind when you should hire an accountant. Depending on the stage of your business’s developmental plan, there are several times whe… Read More

Is there a COVID-19 Medical Expense Deduction?

Congress implemented changes to help Americans facing substantial medical costs related to the coronavirus (COVID-19). The biggest initial change was requiring testing and vaccinations for COVID-19 to be free for everyone and covered by health insura… Read More

American Rescue Plan Act, State Taxes, and You

To lessen the effects of the pandemic, lawmakers passed The American Rescue Plan Act (ARPA) in 2021. The Act contains several changes to tax policies, and some of these changes affect the taxes you are filing now for tax year 2020. Other tax policy c… Read More

Tax Saving Tips for Retirees

They say wisdom comes with age, but so do tax savings! Once a taxpayer turns the big 5-0, the IRS makes tax time a little sweeter, but it gets even better when they turn 65. Here are some federal and state tax saving tips that will give taxpayers man… Read More

Above-The-Line Tax Deduction for Charitable Donations in 2020

The 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act includes a temporary change to tax deductions in an effort to boost charitable donations for organizations who are struggling to help people suffering from COVID-19 shutdowns. As part… Read More

You’re Being Audited!! Now What???

You received a letter from the IRS notifying you of a tax audit. Now what? First thing, take a deep breath. Being audited can be scary, but it does not need to be. Know what an IRS audit is and is not, understand what the IRS expects from you, and pr… Read More

What Happens if You Miss a Quarterly Estimated Tax Payment?

If you miss a quarterly estimated tax payment, you may need to pay penalties and interest. Estimated tax payments are due each quarter for federal and state income taxes. Also, they are used to pay self-employment tax. Most people who work as an empl… Read More

Common Tax Scams to Be Aware of in 2021

Scammers catch people unaware and rob them of millions of dollars every year. Many behind these scams are well organized and search for easy prey. During times of crisis, like the pandemic, they prey even harder on less suspecting people. In this art… Read More

E-sports Earnings: Is Game Streamers’ Income Taxable?

Electronic sports, or e-sports, income is taxable to gamers who make money from participating in online gaming. Professional gaming has taken off in the past few years with some even making millions! The IRS defines income broadly. Any income receive… Read More

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