Over the past couple of years, the economy has been pulled in all directions. The effects have been seen through record-high home prices, higher interest rates, and inflation. While federal efforts are being made to calm the waters, these economic ripples are chipping away at the ability to enter-and stay in-the housing market. Intra-Family Loan…

The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final half of 2022, the standard mileage rate for business travel…

You might get a special error notice if your tax filings include one or more of the forms below: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Form 1099-DIV, Dividends and Distributions Form 1099-G, Certain Government Payments Form 1099-INT, Interest Income Form 1099-K, Payment Card and Third-Party Network Transactions Form 1099-MISC, Miscellaneous Income Form…

In general, a hobby is an activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many people engage in hobby activities that turn into a source of income—it can be confusing to determine if that hobby…

As a survivor, executor, or administrator of an estate, you are obligated to file an income tax return reporting all the deceased’s income up to his or her date of death. You will need to be aware of all the credits and deductions the deceased is allowed as if that person had been alive to…

Arizona Department of Revenue (ADOR) is reminding homeowners who installed a solar energy device in their residential home during 2021 to submit Form 310, Credit for Solar Energy Devices with their individual income tax return and Form 301, Nonrefundable Individual Tax Credits and Recapture. ADOR defines a solar energy device as a system or series of mechanisms which…

Cryptocurrency has been in the news a lot lately as it continues to gain traction as an alternative currency. Many are considering whether this is the time to invest in or start using cryptocurrency. After all, the IRS has taken notice and has instituted measures to ensure income from cryptocurrency is accurately reported. Important terminology…

When filing your individual income tax returns, you are allowed to deduct certain expenses from your taxable income, thus reducing the amount of income tax you must pay. There are two ways you can take deductions on your federal tax return:  you can deduct a defined amount, the standard deduction, or you can list specific…

If you’re taking care of adult children, relatives or parents, you know that this can create an additional financial strain. To ease it, the IRS offers a credit for dependents who are too old to qualify for the child tax credit. You may qualify for a $500 credit for each dependent who meets these criteria:…

Tax deductions and tax credits can both help you, but that doesn’t mean they’re the same thing. Knowing how they work can help you understand your tax situation. Tax credits are subtracted from your final tax liability, dollar for dollar, after it is calculated. A tax credit valued at $1,000, for example, lowers your tax…