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,...
by Pierre Philantrope | Jan 17, 2024 | 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 level. The earned income credit is a refundable tax credit that an eligible individual may claim based on a percentage of...
by Pierre Philantrope | Jan 10, 2024 | Tax Tip
There is a deadline for different tax documents to be sent to taxpayers. Generally, most forms must be mailed by January 31. Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. Taxpayers should have an open...
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