If someone else claims your dependent on their tax return and files before you do, your e-filed return will be rejected by IRS. Duplicate dependent returns can be the result of identity theft or a misunderstanding of who is entitled to the deduction. In the past, the second to file a duplicate dependent return would…
Read MoreIn 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) making significant changes to the existing tax code. Many of the provisions of the act were set to expire at the end of 2025 and most of the sunsetting provisions apply to individual taxpayers. Incoming president Donald Trump favors extending all the provisions, and…
Read MoreSeems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
Read MoreSolar tax incentives have been in place for years, but recent expansions have sparked a surge in solar installations across the country. Both residential and rental property owners are now benefitting from new federal tax credits designed to accelerate the adoption of clean energy and sustainable practices. The Inflation Reduction Act (IRA) of 2022 expanded…
Read MoreWith fall décor already lining the shelves, it feels like the season of giving is right around the corner. As you consider your gifts and donations this year, keep in mind the potential tax benefits that charitable donations can offer, making your generosity even more rewarding. This article outlines the tax advantages of charitable giving and…
Read MoreThe following is not a comprehensive list of all changes, but a summary of key adjustments that will affect a wide range of taxpayers: Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples…
Read MoreTax planning requires thoughtful consideration and flexibility. Taxpayers should anticipate potential shifts to proactively position their tax strategy, no matter what lies ahead. We’ve highlighted important information in this article to help guide your decisions as the situation unfolds. Expiring Tax Provisions The Tax Cuts and Jobs Act (TCJA) of 2017 brought about landmark tax…
Read MoreIf you have been using a crowdfunding platform, such as GoFundMe, Kickstarter, or Patreon, to solicit contributions or for charitable donations or gifts, you may be required to report distributions of the money raised. Tax guidelines for contributions and distributions from online crowdfunding can vary based on the nature of the funds raised, the platform used,…
Read MoreSince their inception in 1996, 529 plans have long been regarded as a valuable college savings vehicle, helping families mitigate the burden of substantial educational expenses. As tuition rates continue to rise year over year, recent changes in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act further enhance their appeal and bring greater…
Read MoreInvesting in real estate is widely recognized as one of the most effective strategies for building long-term wealth. It provides a tangible asset that not only serves as a portfolio diversifier but also tends to move independently of the volatility in the stock and bond markets. However, for many investors, the idea of purchasing and…
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