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Education Tax Credits and Deductions
For parents and students trying to manage college bills and student loan payments, the federal government offers education-related tax benefits. The requirements for each are different, so here's what you need to know. American Opportunity credit The American...
2021 Tax Deadlines
Tax Day 2022 is Monday, April 18, 2022 for most individual taxpayers. Some taxpayers in certain natural disaster areas are allotted more time to file depending on the disaster. Tax Return Extension An extension of time to file a Federal individual return is...
Business Succession Planning
When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to...
Writing Off Your Business Start-Up Expenses
New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation. These type of expenses...
Thinking of Selling Your Home?
With near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are...
How long should you keep your important documents?
As your paper and electronic documents begin to get overwhelming, you may wonder when you can destroy these items and what you should keep. It is critical to keep some documents while others can be destroyed after just a few years. Generally, you should retain all...