Real Estate Tax Tips: Understanding Itemized Deductions and Property Expenses As a homeowner, you may be eligible for a variety of tax deductions and credits related to your property expenses, including real estate taxes, mortgage interest, points, and other property expenses. The IRS provides several tips and guidelines for homeowners to help you understand …
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Real Estate Tax Tips for Homeowners: Selling Your Residence Selling a home can be a complex process, with many tax implications to consider. The IRS provides several tax tips for homeowners to help you navigate the sale of your residence and stay compliant with your tax obligations. Understanding the Tax Implications of Selling Your …
Real Estate Agent Taxation As a licensed real estate agent, it’s important to understand how your profession impacts your tax situation. The IRS provides several tax tips for real estate agents to help you navigate the tax code and stay compliant with your obligations. First and foremost, it’s crucial to keep accurate records …
New IRS Feature Allows Taxpayers Electronically Filing Amended Returns to Choose Direct Deposit to Speed Refunds Introduction to New IRS Feature for Electronically Filing Amended Returns Benefits of Electronically Filing Amended Returns The Internal Revenue Service (IRS) has introduced a new feature that allows taxpayers to choose direct deposit for refunds when electronically …
IRS Issues Guidance on State Tax Payments to Help Taxpayers The Internal Revenue Service (IRS) has issued guidance to help taxpayers understand the deductibility of state and local tax payments for federal income tax purposes. The guidance addresses the deductibility of state and local tax payments made in exchange for a state or local …
Announces New Pilot Phase for Compliance Assurance Process Program Introduction to the Compliance Assurance Process Program New Pilot Phase for the Compliance Assurance Process Program The Compliance Assurance Process (CAP) program is a voluntary program designed to improve tax compliance and reduce the burden of IRS examinations for taxpayers. The program provides eligible …
IRS and Treasury Provide Guidance on the Qualifying Advanced Energy Project Credit Overview of the Qualifying Advanced Energy Project Credit Guidance for Taxpayers on Qualifying Advanced Energy Project Credit The Qualifying Advanced Energy Project (QAEP) credit is a federal tax credit designed to incentivize investment in advanced energy projects that promote clean energy …
Understanding the Alternative Minimum Tax and Inflation Reduction How to Calculate and Offset Alternative Minimum Tax Liability The Alternative Minimum Tax (AMT) is a tax system aimed at ensuring that high-income taxpayers pay a minimum tax amount. The Inflation Reduction Act (IRA) of 2005 was introduced to address issues of AMT exemptions and to …
The Credit for Other Dependents Explained What is the Credit for Other Dependents? Who Qualifies as an Other Dependent? If you have dependents who don’t meet the criteria for the Child Tax Credit or the Credit for Other Dependents, don’t worry, you may still be able to claim the Credit for Other Dependents. …
Tax Deadline Extension for Disaster-Affected Taxpayers in California, Alabama, and Georgia IRS Extends Tax Deadline to October 16 for Taxpayers Affected by Disasters in California, Alabama, and Georgia Taxpayers in California, Alabama, and Georgia who were affected by recent disasters, including wildfires and hurricanes, will have additional time to file their federal tax returns. …