by Paula Kennedy, EA | Nov 30, 2022 | Blog, Tax
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions: Donating to charity In 2022, in order to receive...
by Paula Kennedy, EA | Oct 31, 2022 | Blog, Tax
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also...
by Paula Kennedy, EA | Oct 19, 2022 | Blog, Tax
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022,...
by Paula Kennedy, EA | Sep 28, 2022 | Blog, Tax
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers...
by Paula Kennedy, EA | Sep 14, 2022 | Blog, Tax
In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early...
