Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership...
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Whether you’re getting married for the first or fifth time, it’s common for one spouse (or both) to come into the union with homes that they’ve owned for a while. And that premarital home could have amassed a significant capital...
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Business travelers should check out these deductions before hitting the road Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and...
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Installing solar panels or making other home improvements may qualify taxpayers for home energy credits Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for...
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Filing Season Information and Resources for Military Members and Veterans The IRS offers a variety of tax resources and information designed to help members of the military community navigate their unique and sometimes complex tax situations...
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IRS Reminder to Many Retirees: April 1 is last day to start taking money out of IRAs and 401(k)s WASHINGTON — The Internal Revenue Service today reminded retirees who turned 72 during 2022 that, in most cases, Sunday, April 1, 2023, is the last...
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WASHINGTON — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2023...
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WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement...
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SOUTH CAROLINA TAX REBATES ARE COMING TO ELIGIBLE TAXPAYERS WHO FILE RETURNS BY OCTOBER 17 The South Carolina Department of Revenue (SCDOR) will issue close to one billion dollars in state tax rebates before the end of the year but only to those...
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A bill has been introduced in Congress that, if passed, would substantially increase the amount of Social Security tax that some taxpayers pay. In addition, the Social Security Administration (SSA) recently projected what the Social Security wage...
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The general rule for retaining federal tax records is three years. That’s because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on the later of 1) the due date...
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The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the...
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