If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it go away. Because of the many recent tax law changes and so little time to implement the changes, the IRS can be wrong more often than you think. These IRS letters, called correspondent …
Tax
Selling Your Home in a Hot Housing Market: Will You Pay Tax on Your Gains?
With housing prices skyrocketing, more homeowners are considering cashing out. Did you know that one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence? Assuming that this gain …
What’s New in the Tax Code in 2021 (in Brief)
With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are making noise in preparation for another fun-filled year of late-breaking changes. Here is what we know now: For Individuals Tuition and Fees Deduction …
