by Pierre Philantrope | Jan 24, 2024 | Tax Tip
There are two types of education related tax credits that taxpayers may claim for qualified tuition and related education expenses paid or incurred during the tax year: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). For...
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...
by Pierre Philantrope | Dec 27, 2023 | Tax Tip
his is the last week for this year that 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 could...
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...
Recent Comments