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Minimizing Capital Gains Tax on Sale of a Home
The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests
Deducting Business-Related Vehicle Expenses
If you’re self-employed and use your car, SUV, or other vehicle for business, you can deduct certain business-related vehicle expenses.
Tips for Taxpayers With Hobby Income
A hobby is any activity that a person pursues because they enjoy it without intending to make a profit. When determining whether your activity is a business or hobby, consider the following nine factors
Small Business Financing: Securing a Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from...
Why You Should Back Up Your Quickbooks File
It shouldn’t take the thought of a natural disaster to make you think about always having a current backup of your QuickBooks information. Files get corrupted. Computers fail and become inaccessible.
Tax Credits for Energy-Efficient Home Improvements
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.
IRS Tax Debt Could Affect Passport Renewal
As a reminder, individuals with “seriously delinquent tax debts” could have their passport application or renewal denied or even have their current passport revoked.
Deducting Medical and Dental Expenses
If you, your spouse, or your dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here's what you should know about medical and dental expenses and other benefits: You Must...
Tax Treatment of Selling Collectibles
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.
Federal Tax Returns: Should You File an Extension?
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.
