The end of a marriage brings many changes and when children are involved, an extra layer of complexity is added. After the divorce is finalized, questions may arise that you did not think of before, such as: who claims the children on their tax return? The Tax Cuts and Job Act (TCJA) of 2018 brought … Read more
One of the benefits of switching from filing single to married filing jointly on your tax return is having additional tax advantages including higher standard deductions, favorable tax rates, and a higher combined income before becoming subject to credit limitations. Despite sounding like a dream come true, there is also a potential downside that you … Read more
Technological advancements are paving their way more strongly than ever, and electric vehicles (EVs) are no exception. Numerous vehicle manufacturers have implemented development programs to roll out electric vehicles from their factories. Tesla started the creation of clean energy vehicles, and a large influx of automakers has followed. Although electric vehicles are relatively new, they … Read more
Companies offer stock options to their employees as a form of compensation and to provide them with ownership of the company. These options provide the opportunity to purchase company stock in the future at a set price. There are two main types of stock options: ISO-Incentive Stock Options: Granted to employees and must be exercised … Read more
Are you in the market to sell your primary residence? There may be a few things you want to consider as you go through this process that might keep you from paying tax on capital gains for the sale of your home. Selling your primary residence has the potential to be a tax-free event so … Read more
Are you cleaning out your closet? Perhaps you are moving and have decided to sell some items you no longer need? If so, then this article is for you. 1099-Ks have been around since 2012 as a part of the Housing and Economic Recovery Act. This form is intended for individuals and businesses to report … Read more
The childcare credit is a tax credit for parents who have qualifying child or dependent care expenses related to taking care of their children or other dependents, while they work. This not only includes children, but also anyone you claim as a dependent on your tax return; anyone who lives in your home for at … Read more
If you have a pet, you know their expenses add up quickly. Annual averages for pet care can often exceed $2,000. So, you might be asking yourself, does owning pets have any tax benefits? The answer is, well, it depends. First, it is important to note that to receive any tax benefit for your … Read more
Leaders in business are constantly faced with the challenge of operating in an ever-changing environment. Recently, businesses have had to navigate a global pandemic, inflation, a tight labor market, rising interest rates, rapidly changing technology, military conflicts, and many other matters. Suffice it to say, things have been chaotic in the past few years. For … Read more
Have you ever thought about turning your home into a rental house? Or on the flip side, change your rental back into your personal residence? Both situations can have tax consequences that can either be good or bad, depending on the situation. In todays housing market, it may be very tempting to turn your house … Read more