Valuable Gifts to Charity May Require an Appraisal
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to […]
Want to Turn a Hobby into a Business? Watch Out for the Tax Rules
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. […]
Thinking About Converting Your Home Into a Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing […]
Issues to Consider After Your File Your Tax Return
The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be […]
Tax Implications of Selling Mutual Fund Shares
If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 […]
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help […]
Tax Rules of Renting out a Vacation Property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting […]
What to Do When Your Identity is Used to File a Fraudulent Tax Return
In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft.
When a taxpayer believes their […]
When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such […]
Lost Your Job? Here are the Tax Aspects of an Employee Termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing […]
