by Pierre Philantrope | Aug 14, 2024 | Tax Tip
Many married couples usually ask the question: Should we jointly file our tax return or should we file separately? The answer: It depends. Taxpayers financial circumstances could be very different. There are many factors to consider to determine the filing status...
by Pierre Philantrope | Jul 17, 2024 | Tax Tip
Early withdrawals from a traditional IRA before age 59 1/2 generally incur a 10 percent penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. I have outlined...
by Pierre Philantrope | Jun 26, 2024 | Tax Tip
One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation, a deduction you get without spending any additional money. However, regular depreciation for real property is slow. Residential...
by Pierre Philantrope | Jun 19, 2024 | Tax Tip
Married taxpayers could still receive a refund when they jointly file their tax return even when the refund or part of the refund was applied or will be applied to pay a past due obligation of one spouse. You are an injured spouse if you filed a joint tax return...
by Pierre Philantrope | Jun 12, 2024 | Tax Tip
Marriage carry heavy tax consequences that could be alleviated through careful tax planning strategies. Marriage planning should include a discussion about tax liability. The subject of tax is even more important if you plan to execute a prenuptial or premarital...
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