Author: taxsecretsblog

You know that awkward moment when you find the perfect home… but the interest rate on your mortgage quote makes you do a double-take? Or when you try to sign up for a new rewards credit card… but your application limps across the finish line?

January 29, 2025   President Trump has proposed several potential tax changes. As his presidency evolves it becomes increasingly important for taxpayers to stay informed about how these changes might impact their financial planning and obligations. This is the second of a series of articles

Article Highlights   The Report of Foreign Bank and Financial Accounts Statement of Specified Foreign Financial Assets Foreign Rental Property Foreign Pensions Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner

February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.  Your employer

Article Highlights: Corporate Transparency Act Beneficial Ownership Information Events Leaving Beneficial Ownership Information Reporting in Doubt History of Events Current Status Back in 2021 Congress passed the Corporate Transparency Act (CTA) which included the Beneficial Ownership Information (BOI) reporting requirements for certain companies beginning in 2024.

January 24, 2025   This article is part of a series for tax clients, designed to help you stay informed about proposed changes being discussed on Capitol Hill, so you can plan accordingly. Please contact this office with any questions.   BREAKING NEWS On Thursday

Article Highlights: Combat Zone Issues Combat Zone Pay Differences Between Enlisted and Commissioned Members Combat Zone Claims for Tax Forgiveness Combat Zone/Qualified Hazardous Duty Area Extension Extension to Pay Tax When Not in a Combat Zone Non-Taxable Housing and Family Allowances Nontaxable Pay and Allowances

Article Highlights: The Basics of Section 1031 Exchanges Key Requirements Limitations Imposed by the Tax Cuts and Jobs Act State Considerations The Role of a Qualified Intermediary Types of 1031 Exchanges Boot in 1031 Exchanges Time Limits and Identification Rules When 1031 Exchanges Are Appropriate

The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals,

Article Highlights:   Your Tax Appointment Understanding the Importance of Tax Preparation Gathering Documents Tax Organizer Income Statements Schedule K-1s Expense Records Investment Information Identifying Numbers Consider Life Changes Maximize Deductions and Credits Plan for the Future This day and age a tax appointment can