If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]
Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose [...]
In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also [...]
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax [...]
Information provided by IRS.gov This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. Child and dependent [...]
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and [...]
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of [...]
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or [...]
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the [...]
In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to [...]
Not all employers are bound by the recordkeeping and reporting requirements established by the Occupational Safety and Health Administration (OSHA). Generally, an employer must have more than 10 employees to be [...]
Let's say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on [...]