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Optimizing Tax Benefits for Rental Investors
Rental properties can be an excellent source of income and wealth accumulation for investors. However, understanding the tax implications and leveraging the available tax benefits is essential for optimizing returns. One crucial aspect of tax planning for rental...
Tax Planning for Newlyweds
Congratulations on your recent wedding! As you embark on this exciting journey together, it's crucial to lay a strong foundation for your financial future. Combining your lives also means combining your finances, and understanding the implications of this step can...
Mastering IRS Tax Notices
Receiving a tax notice from the IRS can be an unsettling experience. However, it's crucial to remember that receiving a notice doesn't necessarily mean you've done something wrong. The IRS sends out notices for various reasons, including clarifications, discrepancies,...
New Clean Vehicle Tax Credits
Starting in 2023, a personal or general business tax credit of up to $7,500 is available for the purchase of new clean vehicles meeting certain requirements (including electric, plug-in hybrid, and fuel cell vehicles). A credit of $3,750 is available if a critical...
There’s Still Time to Fund an IRA!
Tax Day 2023 is Tuesday, April 18, 2023 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...
Lesser-Known Tax Deductions
As tax season approaches, many individuals and businesses are on the lookout for ways to lower their tax liability. One often-overlooked strategy is to take advantage of hidden tax deductions. These deductions may not be as well-known as others, but they can still...