STIMULUS CHECKS FOR NON-FILERS

The IRS has created an online form for people who don’t normally file a tax return, known as non-filers. It’s a free and easy way to provide basic information so non-filers can receive their economic impact payment as soon as possible.

Making Sense of Your Taxes and Withholding

The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law …

Refunds for 2017 Shared Responsibility Payments

A new, or little known exception has recently been made clear that could allow you to recover 2017 penalty taxes. If you were one of the many taxpayers without Minimum Essential Coverage (Health insurance) for 2017, you might have paid a penalty tax with your 2017 tax return. Now, you could qualify for a full refund …

Future of the Federal Estate Tax

While no one can predict the future, the possibility of tax reform is once again in the spotlight. If it occurs, it may very well include repeal of the federal estate tax and related changes to the federal gift tax, the federal generation-skipping transfer (GST) tax, and the federal income tax basis rules. History of …

Will I owe income taxes when I sell my home?

In general, when you sell your home, any amount you receive over your cost basis (what you paid for the home, plus capital improvements, plus the costs of selling the home) is subject to capital gains taxes. However, if you owned and used the home as your principal residence for a total of two out …

Tax Benefits of Homeownership

Buying a home can be a major expenditure. Fortunately, federal tax benefits are available to make homeownership more affordable and less expensive. There may also be tax benefits under state law. Mortgage interest deduction One of the most important tax benefits of owning a home is that you may be able to deduct any mortgage …

Four Ways to Double the Power of Your Tax Refund

The IRS expects that more than 70% of taxpayers will receive a refund in 2017.¹ What you do with a tax refund is up to you, but here are some ideas that may make your refund twice as valuable. Double your savings Perhaps you’d like to use your tax refund to start an education fund …