Taxes

Few financial events are worse than a big tax bill with penalties from the IRS. If you are a spouse and you were unaware of potential errors or underreporting on your tax return, you may be eligible for innocent spouse relief. To qualify for innocent

Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation)

A recent Stanford study reviewed the aftermath of the Enron collapse and the repercussions to Enron's accounting firm's former clients. The primary trend they identified was when former clients issued accounting restatements or revisions because of less-than-accurate bookkeeping; there was an increase in the salary

Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When

The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student debt is a hot topic.  As

When we’re young and vibrant, we think that we’ll never grow old.  We enjoy each day never thinking there might come a day when we’ll need help to get by.  When we think of elder care, we might picture a nonagenarian in a wheelchair living

Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty

September 2023 Individual Due Dates September 1 - 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips

The United States government is providing tax relief for eligible Hawaii residents amid the rampant wildfires on both Maui and the Big Island. The President has declared a disaster for all parts of Hawaii affected by the wildfires.  Disaster area taxpayers will now have until

Are you wondering where the world economy is going and how your personal finances will stand up to the changes?  If so, you are not alone.  Part of the fun of being on this planet is planning for the future even when it’s not clear