by Pierre Philantrope | Nov 29, 2023 | Tax Tip
Taxpayers’ tax liabilities could be drastically changed after a divorce. However, when a couple is contemplating a divorce, a discussion with their lawyers and tax advisors related to tax implications of their divorce could greatly help in assessing the tax...
by Pierre Philantrope | Nov 22, 2023 | 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 | Nov 15, 2023 | Tax Tip
Million of taxpayers could not pay their taxes or failed to file their tax returns. The number increases every year. Some taxpayers incorrectly filed their return. The Internal Revenue, in many cases, would send them a letter. Unfortunately, many taxpayers ignore the...
by Pierre Philantrope | Nov 8, 2023 | Tax Tip
Your tax return was filed as required. However, you found out that that it was not accurately prepared when you contacted a tax professional for a review, a bank or mortgage broker to apply for a loan. Many taxpayers have already received letters from the Internal...
by Pierre Philantrope | Nov 1, 2023 | Tax Tip
This tax tip provides some critical information on how to document expenses during a business travel to claim your tax deduction. Corporation or proprietorship – If you operate as a corporation, the corporation should reimburse you for the travel...
by Pierre Philantrope | Oct 25, 2023 | Tax Tip
Getting a letter from the Internal Revenue Service (IRS) could be very stressful. It gets worse when you cannot reach the IRS through the phone number provided in the letter. A tax resolution professional who has access to the practitioner priority line could...
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