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sold or selling your home? happy family with moving boxes and sold sign

Sold or Thinking of Selling Your Home?

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In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.

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Summer Time Child Care, Self Employed Teens and School Vacation

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It’s summer time already that means school vacations, child care and self employed teens. There are 2 summer events parents need to think about. That is childcare for your little ones and what teenagers need to do.  These tips will help you manage the summer finances a little easier for you as parents. This article will also explain what teens who earn money from a summer job should do.

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Get Ready for Tax Season, Tax Time 2019

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Are You Ready for Tax Season? Time to Gather Your Information for Your Tax Appointment

We are aware of what it takes to get ready for tax season. Are you ready for tax season? Like most taxpayers, you have the overwhelming task of pulling together all the records for your tax appointment. This blog is Part 2 of Tax Time 2019 Is Around the Corner, and has additional suggestions as to how to get ready for tax season.

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Tax Time 2019 is Around the Corner, Are You Ready?

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It’s Tax Time 2019, Time to Gather Your Information for Your Tax Appointment

When we say Tax Time 2019 is just around the corner, like most taxpayers, you are finding yourself with the massive chore of pulling together the records for your tax appointment. The difficulty of this task depends upon how well you maintained your tax records throughout the year. This is Part 1 of Tax Time 2019 is Around the Corner, Are You Ready? No matter how good your record keeping was, arriving at your tax appointment full and accurate tax information will give us more time to:

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Tax Reform is Confusing! Here is a Side by Side Comparison Part 1

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Tax Reform is confusing to Many People.

Yes, tax reform is confusing; however, in this article we will make it easier to understand. This year has flown by so fast, and tax reform is in full swing. We decided to put together a side-by side comparison of the old and new law. All that is left to close this deal is filing that first tax return to the IRS. Below is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down this very long infographic for you into pieces for an easier understanding. Are you ready?

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Minimizing Tax on Social Security Benefits

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Minimizing Tax on Social Security Has An Income Factor 

Often, people ask, “How do I go about minimizing tax on social security income?” Let’s face it, people make very little on social security income and it is only going to get harder and harder. How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount before any reductions due to payments withheld for Medicare premiums). For tax purposes, Social Security benefits are treated

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Top 6 Tax Scams List for 2017

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Top 6 Tax Scams List Put Out by the IRS

Are your taxes done? If you haven’t and you are feeling the pressure to get them done. There are unscruplous tax preparers out there who will try to make you feel very good about a great big refund. However, the truth is, they are scamming you. This list will show you how they deceive you with unethical tax preparation practices. Instead of getting caught in this ordeal, we suggest you file an extension.

The IRS recently put this list of the top six tax scams on the website to help you avoid being caught victim to illegal tax practices. If you fall victim to one or more of these tax scams, you could end up with tax penalties, interest and worse, no refund!

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