by Megan Kosciolek, MST | Mar 23, 2023 | Blog, Tax
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs,...
by Megan Kosciolek, MST | Mar 4, 2023 | Blog, Tax, Uncategorized
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax...
by Megan Kosciolek, MST | Jan 17, 2023 | Blog, Tax
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings...
by Megan Kosciolek, MST | Jan 7, 2023 | Blog, Tax, Uncategorized
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you, even if the rental income is more than your...
by Megan Kosciolek, MST | Dec 22, 2022 | Blog, Business, Tax
There are a few partnership-specific provisions in the Tax Cuts and Jobs Act (TCJA) that could impact how you compensate yourself. Specifically, if you receive a guaranteed payment, you should make sure you’re aware of how the QBI deduction works along with current...
