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 5, 2024 | Tax Tip
The Internal Revenue Service, in some cases, audits tax returns to ensure that taxpayers correctly pay their tax due. Knowing what the IRS will look for during an audit and getting prepared in case of an audit save taxpayers time and money. A tax audit can go on for...
by Pierre Philantrope | Apr 17, 2024 | Tax Tip
Per the Internal Revenue Service, the Failure to File Penalty applies if taxpayers and businesses do not file their tax return by their respective due dates. This tax year, for S Corporations and Partnerships, the due dates were March 15, and September 16 for business...
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...
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