Blog

30 Aug 23

Boost Your Skills With Income Tax Prep Course!

In today’s rapidly transforming and ever-changing world, retaining a diverse skill set is necessary for professional growth and achievement. One skill that can particularly improve your career prospects is tax preparation. No matter if you are an accounting proficient, a business owner, or thoroughly looking to widen your range of…
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07 Mar 21

Senate Passes $3,000 Child Tax Credit for 2021

An expanded child tax credit for 2021 is about to become law. After some procedural wrangling, the Senate narrowly approved President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. Because the Senate made some changes to the House-crafted bill, titled the American Rescue Plan Act…
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21 Nov 20

Spousal IRA: Don’t Miss the Oppurtunity

Planning for retirement is a crucial aspect of financial stability, and Individual Retirement Accounts (IRAs) are a powerful tool in that plan. But what if one spouse isn’t earning income or earns significantly less? That’s where a Spousal IRA comes in. This guide will explore what a Spousal IRA is,…
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14 Nov 20

GAMBLING AND TAX GOTCHAS

Article Highlights: Winnings Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in…
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13 Nov 20

IS A LIVING TRUST APPROPRIATE FOR YOU?

Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts…
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13 Nov 20

SOLAR TAX CREDIT IS SUNSETTING SOON

Article Highlights: Solar Credit Phasing Out Qualifying Property When is the Credit Available? Who Gets the Credit Multiple Installations Battery Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy Solar Installations are Not for Everyone A federal tax credit for the purchase and installation…
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05 Oct 20

TAX CONSEQUENCES OF LOSING YOUR JOB

Article Highlights: Severance Pay Unemployment Compensation Health Insurance Employer Pension Plan Coronavirus-related Distributions Home Sale If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. The following are typical issues related…
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