Understanding the Home Gain Exclusion

Understanding the Home Gain Exclusion. When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two

Tax surprises that you could avoid

Tax surprises that you could avoid. Every year taxpayers are hit with tax surprises that they could avoid if they knew the rules. Here are five big ones that are easy to avoid with some simple planning. You pay taxes with your hard earned money. We will help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. You earned it

Review IRA Beneficiaries Now

Review IRA Beneficiaries Now. Lost in the pandemic is a tax law change that may require your attention Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know: Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it is a reminder of

Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI). Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI = Gross Income – Adjustments from Gross Income Gross Income. For most of us, Gross Income is our wages as shown on a W-2 at the end of the year. As well as taxable interest income,

14 Year End Tax Tips to Consider

Planning ahead  is a good idea when it comes to adopting a strategy to reduce your taxes. But for some people, time just gets away from them. So with that being said here are 14 year end tax tips to consider: 14 Year End Tax Tips to Consider: 1. Review income and deductions. It’s all in the timing. The most fundamental year-end tax move is to adjust the timing of income and deductions. If your income is

Avoid the Pitfalls of Selling Property to Family

Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences of your decision. Specifically, tax law includes several provisions involving sales to related parties. As you might imagine, this covers relatives like your children, grandchildren and siblings, but it also applies to business entities you own. Here are four common situations

A Smarter College Housing Option

Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and be aware of the risks. The benefits of buying Lower monthly costs. The benefits can vary based on the location of the school and demand for