Taxes
Ins and Outs of the Home Sale Exclusion
Here are several key points about the home sale exclusion that you should know about before you hand over the keys.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Taxes
Key In on Improved Home Energy Credits
The IRS is reminding taxpayers that they may qualify for expanded home energy credits in 2023 (IR-2023-97, 5/4/23) There are two types of credits.
Taxes
The IRS and Gambling - The Tax Blotter - June 16, 2023
Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs.
Taxes
When to Make Nondeductible IRA Contributions
When should you begin to make nondeductible contributions to your IRA?
Taxes
Tax Curve Ahead for Business Vehicle Owners
Make sure you keep business use above the 50% level. In addition, maintain all the driving records required by the IRS.
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Taxes
Foreign Intrigue on Taxable Income
A self-employed individual may claim the foreign earned income exclusion on foreign earned self-employment income.
Taxes
How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.
Taxes
The Tax Blotter - May 29, 2023
The Tax Blotter is a round-up of recent tax news.
Taxes
Sizing Up a Charitable Deduction for Clothing: When is an Appraisal Required?
Adhere strictly to the substantiation rules for charitable donations. A deduction worth thousands of tax dollars could be at stake.
Taxes
More Flexibility for Section 529 Plans
A 529 plan account owner can roll over up to $35,000 in unused funds to a Roth IRA without paying any tax, beginning in 2024.
Taxes
New Law Launches Military Spouse Credit for Employers
Now new legislation enacted at the end of last year, called SECURE 2.0, provides a tax benefit to qualified small businesses aiding military families.
Taxes
Renting a Home Office to Your Company
Make sure the company is paying you a reasonable rent for the space. It should be the same rate that would be charged to a third party.