by Pierre Philantrope | Mar 6, 2024 | Tax Tip
The principal residence gain exclusion is very valuable when an appreciated home is sold. Taxpayers should keep evidence of home repairs and improvements that increase their basis in the property to determine their gain on the sale. IRS Publication 523 has a long list...
by Pierre Philantrope | Feb 28, 2024 | Tax Tip
Some tax returns could be very complicated for taxpayers. However, regardless of the level of complication, all taxpayers could greatly benefit by partially reviewing their tax return and by asking a few questions. Hiring a tax preparer to prepare a tax return does...
by Pierre Philantrope | Feb 21, 2024 | Tax Tip
Many taxpayers are receiving notices of tax due from the Internal Revenue Service even years after filing their tax return, when they did not file, when they did not pay, or when they fail to deposit employment tax (TFRP- Trust Fund Recovery Penalty). Unfortunately,...
by Pierre Philantrope | Feb 14, 2024 | Tax Tip
The 2024 tax season is underway. The IRS is constantly advising taxpayers to choose their tax preparers wisely by researching their credentials and qualifications. However, many taxpayers choose the tax preparers who will give them a refund or more refund. Many times,...
by Pierre Philantrope | Feb 7, 2024 | Tax Tip
Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying surviving spouse. Your filing status determines your filing requirements, your tax rates,...
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