Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong.
If you want certain individuals to receive property from your estate, there may be advantages to making those gifts while you are still alive.
Are you planning to use your vacation home soon? If you’re not going to use it, have you considered renting it?
The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks.
Be aware that important tax consequences are often associated with some fairly common events involving your home.
A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.
One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways:
There are big moments in everyone’s life. A new birth is one of them. The irony is that most life events also have tax consequences attached to them.
Tracking Home Improvements – Your best defense to a potentially expensive tax surprise in your future is proper record retention.
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.