If you’re approaching retirement, you’ve probably heard the classic advice: Max out your HSA because it’s triple tax-advantaged, and do Roth conversions when your income drops. But there is a hy...

We are all told that qualified dividends and long-term capital gains are "preferential" income. It’s one of the few silver linings when filling out your tax return. The conventional wisdom is that t...

Jaclyn Barkow, DBA, EA, CPA As the end of the calendar year approaches, it is crucial for retirees and some retirement account holders to ensure they have take any Required Minimum Distributions (o...

Jaclyn Barkow, DBA, EA, CPA   Tax deductions are generally classified as either “For AGI” (adjusted gross income) or “From AGI” deductions. With the passage of the One Big Beautifu...

By Jaclyn Barkow, DBA, EA, CPA Taxpayers, who have yet to receive their Economic Impact Payments from COVID-19 relief efforts, are running out of time to do so. Originally, the Economic Impact Paym...

It's hurricane season! Did you know many taxpayers affected by disaster situations qualify for tax relief? When the President declares a federal disaster, the IRS issues a disaster announcement. The a...

As the cost of education continues to rise, parents and students look for ways to decrease the financial burden placed on them today. One way to offset these costs is to find and apply for scholarship...

If you are considering updates to your U.S. based home, you may consider taking advantage of the Residential Clean Energy credit which is 30% of the costs from now through 2033. Eligible property incl...

“Kiddie Tax” is the tax paid on a “child’s” investment income in excess of $2,500, at the marginal tax rate of their parents, for the 2023 tax year.  The “Kiddie Tax” was introduced as ...

If you’re a homeowner, it’s likely you continually work on your home. Some projects may be minor and low cost, while others are major and expensive. All these projects improve your living conditio...

Social Security benefits may be tax free or includible in gross income at 50% or 85%. This depends on a couple’s income, Social Security benefits, and tax-exempt interest. The fact that the benefits...

Passive activity losses generally are limited to the extent of passive activity income for the year. Losses in excess of this income are suspended and used in future years when there is passive income...

Margin interest may be deductible as investment interest. It is treated as an itemized deduction, subject to a net investment income limitation. Margin interest does not offset capital gains....

U.S. citizens are taxed on their worldwide income. They must figure gain or loss on the sale of foreign real property. If the foreign property is a residence, the home sale exclusion may apply. Note: ...

For purposes of education tax credits, transportation costs are not treated as qualified educational expenses. When it comes to work-related education that maintains or improves work skills but doesn�...

IRS Announces More Flexible Offier-in-Compromise Terms to Help a Greater Number of Struggling Taxpayers Make a Fresh Start, From IRS.gov, 5/21/12

Federal Circuit dismisses refund suit based on all-zero returns, From Journal of Accountancy, 4/20/12

What's the Most Ridiculous Thing You've Heard This Tax Season?, From CPATrendlines, 4/16/12

Celebrities are often in debt to the tax man, From USA Today, 4/17/12

Study finds tax deadline day can be deadly on roads, From Foxnews.com, 4/10/12