by Pierre Philantrope | Mar 12, 2025 | Tax Tip
In Warren v. Commissioner of Internal Revenue Service, T.C. Summary 2024-20, the Tax Court held that a taxpayer who purchased and renovated a single family home to open an assisted living facility (i.e., group home) while also employed full-time by Lockheed...
by Pierre Philantrope | Feb 16, 2022 | Tax Tip
There are two (2) types of education related tax credit that taxpayers may claim for qualified tuition and related expenses paid or incurred during the tax year: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The Protecting...
by Pierre Philantrope | Feb 9, 2022 | 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 Widow/er with dependent child. Your filing status determines your filing requirements, your tax...
by Pierre Philantrope | Jan 26, 2022 | Tax Tip
Taxpayers could alleviate the challenges that will continue during this tax season because of the Covid-19 pandemic that tremendously affects tax processing at the Internal Revenue Service. This advice is shared by the IRS, the National Taxpayer Advocate office and...
by Pierre Philantrope | Dec 1, 2021 | Tax Tip
Taxpayers could get 2 for 1: The reward of giving and a deduction in tax liability. A law passed at the end of 2020 modified the charitable contribution rules for 2021 tax returns. As a result, eligible individuals can claim an above-the-line deduction of up to $300...
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