Category: Individual

The Educator Expense Deduction can help offset out-of-pocket classroom costs

IRS Issue Number: Tax Tip 2024-66 The Educator Expense Deduction lets eligible teachers and administrators…
Read More

Taxpayers should review the education tax credits before they file

IRS Issue Number: Tax Tip 2024-67 There are two education tax credits designed to help offset education…
Read More

Employer-offered educational assistance programs can help pay for college

IRS Issue Number: Tax Tip 2024-68 An educational assistance program is an employer’s written plan…
Read More

Passive Foreign Investment Companies (PFIC): A Comprehensive Guide to Filing Form 8612 / PFIC Taxes.

Do you hold an investment in a foreign mutual fund? Watch out – it may…
Read More
Home Office Expenses

Home Office Tax Deduction: Rules, Who Qualifies?

Self-employed individuals who utilize a portion of their home for business purposes might receive a…
Read More
Living Trust

HOW DO TAXES WORK IN A LIVING TRUST?

A Living Trust is typically a Revocable Trust, which means that the Grantor has the…
Read More

Hobby or business: What people need to know if they have a side hustle

Issue Number: Tax Tip 2024-55 Hobbies and businesses are treated differently when it comes to…
Read More

Summer activities that could affect people’s tax returns next year

IRS Issue Number:  Tax Tip 2024-53 While summer is a time for fun, it’s never…
Read More

IRS: Home improvements could help taxpayers qualify for home energy credits 

[ Issue Number:    IR-2024-137] WASHINGTON – The Internal Revenue Service reminds taxpayers that making…
Read More

Interest rates remain the same for the third quarter of 2024 

[Issue Number:    IR-2024-138] WASHINGTON — The Internal Revenue Service today announced that interest rates…
Read More