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 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 22, 2021 | Tax Tip
The earned income tax credit (EITC) is not for every taxpayer. As your income increases, the credit is reduced and it is phased out at an income threshold. Many taxpayers who illegally claimed the earned income tax credit are receiving letters from the Internal...
by Pierre Philantrope | Aug 11, 2021 | Tax Tip
Taxpayers should use the correct tax filing status to avoid audit issue. Taxpayers must openly discuss their specific situation with their tax preparers and provide adequate documentation to prove their tax filing status. Many taxpayers have been audited by the...
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