Archive for the Tax Category

If you are one of the rising number of employees receiving some form of stock compensation through your job, you know how confusing it can be to understand how each type works and the varying tax considerations you need to be aware of.  Here’s a quick description

What is the Augusta Rule? The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. Originally created to protect residents of

In addition to the personal stress it can cause, failing to file your taxes for many years can lead to serious consequences, not only with the IRS, but with other agencies that require you to show tax returns.  This could lead to repercussions such as not being

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted. Acquisition Debt vs. Equity Debt Acquisition Debt is incurred in acquiring, constructing, or substantially improving any qualified

After years of saving for retirement, it’s time to start using those savings—even if you don’t really need to.  Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified retirement plan.  This is called a required minimum distribution (RMD.)  If you

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to

As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the following tax credits: Earned Income Tax Credit (EIC) Child Tax

Under the 2018 Tax Cuts and Jobs Act guidelines, a taxpayer may be able to claim a $500 credit for household dependents that don’t meet the definition of a qualifying child or qualifying relative.  Provided that the individual has income of less than $4,150 and meets the