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...
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...
Individual retirement accounts are saving plans that come with various restrictions. It stands out with the ability to allow taxpayers to defer tax payment on the proceeds and earnings...
All employees that were fired through whatever means except their own fault qualify for unemployment insurance – a joint program between the federal and state government that...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
1031 exchange is simply a swap of an investment property for another. Since most swaps are considered sales, they are taxed. Meeting the requirement of 1031 will remove or reduce your...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
Voice mails and robocalls are not the scammer’s only option now, they also use the texting strategy. A warning about a new scam that appears to come from Social Security through...
Posted by Elliot Kravitz, ATP on 04/27/2020