by Pierre Philantrope | Dec 20, 2023 | Tax Tip
Generally, no gain or loss is recognized by either party on a transfer of property from an individual to a spouse, or a former spouse if the transfer is incident to divorce. When nonrecognition treatment applies under this rule, the spouse who receives the property in...
by Pierre Philantrope | Dec 6, 2023 | Tax Tip
We are at that time of the year again where you should consider meeting with a tax professional to discuss any year end strategies that might reduce your 2023 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies that...
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 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...
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