Tax-Free Rental Income

man with money flying

There are a few income-producing events that the IRS has said are not taxable. One of them is renting out your home or vacation property.

2022 FICA Tax Rates

FICA tax rate

FICA tax is a combination of a Social Security tax and a Medicare tax. The Social Security tax is assessed on wages up to $147,000; the Medicare tax is assessed on all wages.

What is the Best Filing Status?

The best filing status for you depends upon which status you can qualify for and your particular circumstances. Tax savings are only one consideration when selecting your filing status.

10 Tax Tips for Individuals

Tax Tips Sticky Note and Coffee image

Only the informed taxpayer can take advantage of tax-cutting opportunities. Here are suggestions you should consider for cutting your taxes.

What Is a Capital Gain Distribution?

You receive a taxable gain statement at the end of the year, but you didn’t sell any investments. How can this be? Typically, mutual funds buy and sell stocks or bonds throughout the year. Each time the fund sells an investment, its owners owe tax on their share of any gain. At the end of […]

Tips to Organize Your Tax Records

As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive missing 1099 tax form or […]

Tax Software: Is it the Best Way to Go?

Some popular tax preparation software is relatively inexpensive, but what does using software to prepare your taxes really cost you? Missed deductions and tax credits, improper or overlooked tax elections, unnecessary penalties, and neglected long-term tax planning can be very expensive. Are you familiar with the rules and qualified to tackle your taxes by yourself? […]

So You Sold Your Home, Now What?

If you’re considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here’s what you need to know: Capital Gain Home Sale Exclusion You can generally exclude $250,000 of any gain on the […]