Archive for category: Home Owners

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Boarded home
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Were You Affected by a Disaster Loss?

With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster…
Solar Panels
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Solar Tax Credit Extended for Two Years

A federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the solar installation but drops to 22% for 2023, the final year of…
Home Ownership & Taxes

Renting Your Home or Vacation Home for Short Periods

Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special…
Tax Reform

If You Are Facing Foreclosure, Here Are Tax Issues You Will Confront

As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their home mortgage payments, the relief provides mortgage…
Tax Reform

You Should Be Keeping Home Improvement Records

Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need to keep a record of improvements made to…
Hand Drawing Money
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We’re Officially in a Recession, So Make These 5 Money Moves Now

It has been more than ten years since the United States’ economy has gone through a recession, and when the National Bureau of Economic Research announced in June that we have officially entered another, it hit many Americans like a body blow. The…
Capital Building
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What Does the $2 Trillion Stimulus Package Mean for You?

The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during…
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Beware of Scammers During the COVID-19 Crisis

As part of the efforts to contain the COVID-19 outbreak, the elderly, especially those over the age of 80 who are most susceptible the dangers of the virus, have been asked to self-isolate themselves. At the same time, the public has been asked…
Tax Due Dates
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March 2020 Individual & Business Due Dates

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