Tax extensions are a controversial subject, and there’s lots of bad information swirling around the internet. Truthfully, six-month extensions have become commonplace among businesses and individual tax payers, and there […]
Buy Now Refinance Later Mortgages: Are They Legit?
With home sales slowing down, lenders are looking for ways to increase the number of mortgages lenders issue. One of the latest marketing ploys is a “buy now, refinance later […]
What’s the IRS Standard Mileage Rate for 2023?
Transportation expenses can be among the biggest expenses for employees and business owners. The IRS allows you to take either the actual expenses for your travel costs or a standard […]
Tax Software vs Accountant: Which One Do You Need?
Maybe you’ve been doing your taxes on your own for years, or perhaps you’re filing taxes for the first time ever, but at some point, most people ask themselves: Tax […]
Do I Need a CPA? Probably Not…
Many taxpayers turn to Certified Public Accountants (CPAs) for their expertise and guidance. However, hiring a CPA can come with substantial costs. In this article, we’ll answer the question, “do […]
Roth IRA Conversion: Explained by Experts
Roth IRAs offer substantial benefits for retirement savers, but there are limits on annual contributions. However, you can bypass the limits by converting a regular IRA to a Roth account. […]
How to Use Tax Loss Harvesting to Save on Taxes
No one wants to take a loss on an investment, but it happens to the best. Fortunately, the government may allow you to deduct your losses on your tax return. […]
Capital Loss Tax Deductions for Real Estate
Real estate looks like an attractive investment in today’s high inflation environment, but it comes with risks. If your investment property loses value, you end up with a capital loss. […]
IRS Postpones $600 Threshold on Form 1099K Reporting
For 1099k 2022, third-party payment processors were scheduled to issue 1099-Ks if you received over $600 in payments. Form 1099-K reports the payments you receive from third-party processors such as […]
America’s Progressive Tax System: Explained
The U.S.’s progressive tax system charges higher tax rates for higher earners. This system is designed to ensure taxpayers of various income levels pay a fair tax rate at the […]