What is a 1031 exchange? A 1031 exchange is something that anyone who owns multiple pieces of business property will want to consider. A 1031 exchange is one of the more complicated procedures available for real estate investors; It is always recommended to consult a CPA to ensure that all IRS regulations are being met. …
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Tax Benefits for Military Personnel and Families
There are tax benefits available for military personnel and families. These tax benefits are often overlooked. For example, any monthly military pay earned while in a combat zone, or any hostile fire and imminent danger pay are tax exempt. Certain requirements by the military, such as certain uniforms or equipment purchased, can be deducted. Any …
Tips for Safeguarding Your Tax Records
As hurricane season approaches, it is a good reminder to review the procedures in place that safeguard your tax records. Unfortunately more often then not this advice tends to get ignored. Now more then ever it is incredibly easy to safeguard tax records thanks to how much technology has advanced. What makes it so easy …
Tax Deductions for Job Search Expenses
There are tax deductions for job search expenses available to taxpayers that meet certain guidelines by the IRS. These job search expenses are also subject to a threshold based on the taxpayer’s income. In order to be eligible for a deduction, your expenses have to be spent searching for a job in your current …
Tax Deductions for Health Insurance
As a self employed individual, it is often difficult for taxpayers to purchase and maintain their own health, dental, and long-term care insurance. Health insurance becomes even more expensive when you add a spouse and a dependent as well. There are some tax deductions available to help alleviate this expense for self employed individuals and …
Tax Tips on Selling Your Home
If you have recently sold your home, or are in the process of selling your homes there are a few tips that the IRS wants to remind all sellers. The most important is the ability to deduct up to $250,000 on any income gained from selling your house, $500,000 if you’re filing a joint return. …
Helpful Features on the IRS Website Worth Checking Out
Have you checked out the IRS Website lately? I’m sure you have it bookmarked and read the news and publications routinely like me. Okay, that may not be true for all of you since the Code can be pretty dry and difficult to translate. Anyway, this time of year you may find yourself making periodic …
Tax Deadline Extended
As the tax season officially begins, the IRS has announced that the tax deadline for individual taxpayers has been extended to April 17, 2012. Taxpayers will have until Tuesday, April 17, 2012 to file and pay any taxes due since April 15 is a Sunday. The DC holiday of Emancipation Day is observed on the …
Earned Income Tax Credit…Spread the Word!
The IRS encouraging tax professionals and taxpayers, in general, to help spread the word of the Earned Income Tax Credit (EITC). As a CPA, I am doing my part to make a blog post on my website and spread it via various social media. I am encouraging you to repost, retweet, etc to help spread …
Information on the Massachusetts Cigarette Excise Tax
There is a lot that you may not know about the Massachusetts Cigarette Excise Tax and the penalties associated with purchasing or possessing “unstamped cigarettes” under Massachusetts law. It is no secret that Massachusetts residents at the state border will likely purchase their cigarettes and other tobacco products in the neighboring state to avoid the …
