Individuals can exclude up to $250,000 of income from capital gains tax on the sale of their primary residence, thanks to the Internal Revenue Code (IRC) exclusion of home sales. Married...
Posted by Elliot Kravitz, ATP on 06/11/2021
If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
Posted by Elliot Kravitz, ATP on 04/29/2021
Marriage changes many aspects of your life. One of these is the tax filing process. Your marriage can affect your filing's status, of course, and the deductions and credits you...
Posted by Elliot Kravitz, ATP on 04/26/2021
According to experts, the best amount to contribute in your 401(k) is between 10 and 20% of your gross salary. It does not matter the destination account; it is essential to contribute...
Posted by Elliot Kravitz, ATP on 03/31/2021
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Posted by Elliot Kravitz, ATP on 03/17/2021
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
Posted by Elliot Kravitz, ATP on 02/17/2021
One of the most popular forms of investment is dividend investing. Dividends provide a smooth income stream to investors. You have two options when the dividend accumulates on a stock....
Posted by Elliot Kravitz, ATP on 10/21/2020
Taxpayers are allowed to amend tax returns using the form 1040x if the following cases occur: a mistake was found in the tax return, failure to file eligible deductions or credit,...
Posted by Elliot Kravitz, ATP on 10/01/2020
