Unlock 8 Tax Breaks for Home Ownership

Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain "green" home improvements and more.

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Federal Tax News for Individuals

1. Involved in Crypto? Here Are Some Tax Issues 2. Reporting Income Earned from Gigs 3. Tip Income Responsibilities for Employees and Employers 4. IRS Issues the 2022 Foreign Housing Cost Exclusions 5. Supreme Court Declines to Hear Passport Revocation Case

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Tax Angles for Landlords Today

In the current economic environment, many rental property owners are incurring losses. But they may not to be able to currently deduct them. Here's an overview of information that property owners should know about: deductions for operating costs and depreciation, the passive activity loss rules, the excess business loss rule and net operating losses, as well as details about properties generating taxable income.

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Take Advantage of Tax Breaks for Small Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider as you file your tax return for 2021 and plan for 2022. […]

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Federal Tax News for Individuals

Tax Season Filing Tips Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such as W-2s and 1099s. In addition, […]

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Due Diligence Considerations When Buying a Business

If you're in the market to buy a business, how the deal is structured can have a major impact on the due diligence that's needed to protect against known and unknown liabilities. Purchasing the assets in bulk may help reduce exposure to liabilities, but there may be tax and financial reasons to purchase an ownership interest in the target business instead. Here's an overview of possible due diligence procedures to consider

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Tax Implications of Student Loan Debt Relief

Many people have incurred student loan debts. But some are fortunate enough to have their loans discharged or paid off by employers. If you're one of the lucky ones, be aware that cancellation of student loan debt will result in taxable income, unless an exception applies. Here's an overview of the federal income tax rules that apply in these situations

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5 ways to upskill your workforce

The past few years has seen a general “skills gap” in the manufacturing sector. One answer to this ever-increasing issue is to take steps to “upskill” your workforce.

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Close-Up on the Individual AMT

The alternative minimum tax (AMT) rules are confusing for many people. Although the corporate AMT was permanently eliminated by the Tax Cuts and Jobs Act, some individuals may still owe the AMT. Are you at risk for this dreaded tax? Here's a refresher on the AMT rules that apply to individual taxpayers for 2018 through 2025.

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Federal Tax News for Businesses and Individuals

For Business Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires […]

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