As the summer season ends, the real estate market often sees a surge in activity, with many homeowners deciding it’s the perfect time to sell. For those looking to move,… Read More »Navigating Home Sales and Tax Implications in 2024
In 2024, you can pay your child up to $14,600 tax-free, as long as the work is reasonable and age-appropriate. This means that you can assign tasks to your children that are within their capabilities and contribute to your business’s operations.
Are you a student or recent graduate with student loans? If so, you might be able to save some money on your taxes by claiming the student loan interest deduction.
Individuals and businesses alike often find themselves considering charitable contributions as a means to not only support causes they believe in but also to potentially reduce their tax burden. However, the realm of charitable giving can be complex, with nuances and regulations that require careful attention. As a tax professional, I aim to shed light on the intricacies of charitable contributions, particularly focusing on IRS Topic no. 506.
In the world of taxes, there’s a strategy called “The Augusta Rule” that’s garnered some attention. But before we dig into its details, let’s journey back to Augusta, Georgia, where this strategy is said to have its roots.
Crafting a well-composed IRS forgiveness letter can yield a multitude of benefits, ranging from financial relief to fostering a positive relationship with the IRS. Let’s delve into the advantages of this often-overlooked practice:
One of the primary reasons to file an extension is to avoid penalties that can accrue if you don’t file your taxes on time. By filing an extension, you’re granted more time to gather all necessary documents and information to complete your return accurately
April 15 holds significant weight as the deadline for filing federal income tax returns. This date remains a steadfast marker on the calendar, although it may shift slightly in certain circumstances. Taxpayers are required to file their returns by this date, reporting their income, deductions, and credits for the previous tax year.
In recent years, scam artists have become increasingly sophisticated in their attempts to defraud unsuspecting individuals. One prevalent tactic involves sending fake IRS letters, often designed to intimidate recipients into taking immediate action. These letters may threaten legal consequences, demand immediate payment, or request sensitive personal information.
Artificial intelligence and machine learning algorithms are revolutionizing accounting by automating repetitive tasks, improving data accuracy, and uncovering valuable insights