admin
Nov 20, 2020First Time Homebuyer Credit Repayment
If claimed the First-Time Homebuyer Credit, you may have to make an annual repayment installment. This is located on your 2011 tax return. You can use the IRS.gov website to check your repayment obligation. You will need your social security number, date of birth, and complete address. As a reminder, the repayment is for people […]
adminNov 20, 2020Residential Energy Property Credit
You can claim the residential energy property credit if you made energy saving improvements to your main home located in the United States. Here are some examples of qualified properties: solar electric property solar water heaters geothermal heat pumps small wind turbines fuel cell property (this is limited to $500 per each half kilowatt of […]
adminNov 16, 2020Alimony
Spousal support (alimony) is fully taxable in the hands of the former spouse or common-law partner. Beginning in 2019, if a divorce or separation agreement was executed after Dec. 31, 2018, the alimony is no longer included in a spouse’s income or deductible. It also applies to separation agreements that were modified after Dec. 31, […]
adminNov 13, 2020Reporting Capital Gains
If you own something and use it for personal or investment purposes, it is a capital asset. If you sell a capital asset, the difference of the adjusted basis of the asset and the sale will lead to either a capital gain or loss. This is reported on Schedule D of your federal tax return. […]
adminNov 12, 2020Rental & Real Estate Income
Most individuals operate on a cash basis, which means they count their rental income as income when they actually or constructively receive it, and deduct their expenses when they pay them. Rental income is any you receive for the use or occupation of property. This is reported on a form Schedule E. You must report […]
adminNov 11, 2020How to Determine a Business vs Hobby
If you’re earning money conducting an activity, you may need to report this on your tax return. In order to determine if you should report this on your tax return, you will first need to find out if you are conducting a business or if you simply have a hobby. The IRS defines a hobby […]
adminNov 11, 2020Taxable vs Non-Taxable Income
You can receive income in the form of money, property, or services. Whether it’s taxable or not, is dependent on the type of income. All income must be reported on your tax return even if it is non-taxable. Additionally, your income is subject to tax unless it is exempted by law. The following is non-taxable […]
adminNov 2, 2020What do I need to claim a dependent?
For tax years 2018 to 2025, there are no personal exemptions for dependents as well as the individuals filing. Prior to 2018, you qualify for $4,050 for your dependent’s personal exemption. Here are the requirements in claiming a qualifying dependent: They must be a qualifying child or relative Be U.S. citizen, a U.S. national, U.S. […]
adminNov 2, 2020Can I still claim my prior year tax refund?
Many taxpayers are unaware that even if they missed a certain tax deadline, they can still claim a tax refund. However, there is a limitation on the amount of tax years going back. The IRS has a three-year statute of limitations on claiming a prior year tax refund. You must claim the prior year tax […]
adminNov 2, 2020How do I pay my taxes to the IRS?
If you have an outstanding tax due to the IRS, here’s how to pay. You can pay your taxes online to the IRS going back to tax year 2000 for your Form 1040, 1040A, or 1040EZ. Keep in mind, there may be fees to using your debit or credit card. Click here to go to […]
Don’t Miss Any Updates
Sign up with your email to receive latest updates.
