Many clients are now renting their homes and apartments out. However, they do not realize that there are tax consequences for doing so, if the rental is for less than a period of 30 days. In other words, if you rent your home out for 29 days or less, you […]
Post Tagged with: "Tax Attorney"
The Bipartisan Budget Act caused the Internal Revenue Service to allow three popular tax benefits to be claimed retroactively. Most of these benefits expired in 2016 but can be claimed in 2017. The Internal Revenue Service’s system has been reprogrammed to accept these benefits. The first benefit is exclusion from […]
While both President-Elect Donald Trump and the House Republicans view our tax code as being fundamentally flawed, their approach to fixing the tax code has taken different routes. On June 24th, 2016, the House Republicans, led by House Speaker Paul Ryan (R-Wis.) unveiled a plan for sweeping tax reform. The […]
If you, your spouse, or child is a student, you could qualify for the American Opportunity Tax Credit or the Lifetime Learning Credit. Even if you qualify for both credits, you can only claim one per student in a tax year. The American Opportunity Tax Credit can be taken for […]