by Paula Kennedy, EA | Mar 30, 2022 | Tax
The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to...
by Paula Kennedy, EA | Mar 22, 2022 | Tax
Summer is just around the corner. If you’re fortunate enough to own a vacation property, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal...
by Paula Kennedy, EA | Mar 16, 2022 | Tax
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD...
by Paula Kennedy, EA | Mar 8, 2022 | Tax
Despite the robust job market, there are still some people that have lost their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional...
by Paula Kennedy, EA | Mar 1, 2022 | Tax
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who...
