by Pierre Philantrope | Nov 3, 2021 | Tax Tip
A 529 plan provides a tax saving advantaged to encourage saving for future education costs. 529 plans, also known as “qualified tuition plans” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal...
by Pierre Philantrope | Oct 27, 2021 | Tax Tip
Taxpayers Could Claim a Reduced Gain Exclusion on the Sale of their Primary Home Used Partly for Business or Rental. Gain Exclusion for Home Used Partly for Business or Rental. When you use a room or the basement of your principal residence as a deductible home...
by Pierre Philantrope | Oct 20, 2021 | Tax Tip
Taxpayers Could Claim a Reduced Gain Exclusion on the Sale of their Primary Home. IRS regulations allow taxpayers to claim a prorated (reduced) gain exclusion, a percentage of the $250,000 or $500,000 exclusion in specified circumstances. The prorated gain exclusion...
by Pierre Philantrope | Oct 13, 2021 | Tax Tip
Taxpayers could plan on how to apply the principal residence tax break of $250,000 for single taxpayers and $500,000 for married ones when getting married or divorced, or when converting another property into your home. In both marriage and divorce situations, a home...
by Pierre Philantrope | Oct 5, 2021 | Tax Tip
The deadline for taxpayers to file their tax return, if an extension was requested, is October 15. It is reported by the IRS that an estimated 11,000,000 taxpayers do not file their tax return each tax year. As a result, every tax year million of taxpayers leave...
by Pierre Philantrope | Sep 29, 2021 | Tax Tip
Taxpayers should not ignore their past due tax debts. Many taxpayers have either entered into an agreement with the Internal Revenue Service to pay their tax debts and have failed to honor the agreement or have completely disregarded IRS notices for payments. Taxpayer...
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