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...
by Pierre Philantrope | Feb 28, 2024 | Tax Tip
Some tax returns could be very complicated for taxpayers. However, regardless of the level of complication, all taxpayers could greatly benefit by partially reviewing their tax return and by asking a few questions. Hiring a tax preparer to prepare a tax return does...
by Pierre Philantrope | Feb 7, 2024 | 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 surviving spouse. Your filing status determines your filing requirements, your tax rates,...
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