Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.
As a reminder, individuals with “seriously delinquent tax debts” could have their passport application or renewal denied or even have their current passport revoked.
If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles.
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know.
Generally, payments made by states are includable in income for federal tax purposes. Due to this unique and complex situation, the rules surrounding their treatment for federal income tax purposes are more complex.
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