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Remember to claim the energy efficient home and residential clean energy credits

If you are doing improvement work in your home, you should consider the energy efficient and residential clean energy credits as it might give you back some of the money invested on those improvements. Remember to fill out our tax organizer each year so we are aware of those expenses, or let us know if

By |2024-05-13T19:58:56+00:00May 13th, 2024|Categories: Individuals|Tags: , , , , , , , |

Do not follow tax advice from TikTok influencers – Augusta rule

A few months back, I was giving a small training for small businesses in LAEDA's office in Camden, New Jersey. While going over my presentation, I try to make it interactive and allow participants to ask questions on the topic being discussed or similar ones (at the end, there is always a Q&A portion for

By |2023-09-08T03:13:48+00:00September 8th, 2023|Categories: Business, Individuals|Tags: , , , , , , |

Selling your home? Selling your rental property?

If you are selling or thinking of selling your home or rental property, the IRS has special resources to keep into consideration. Selling your home You can claim a capital gain exclusion of up to $250,000 (single) or $500,000 (married filing jointly), if you owned the home and lived in the main home for the

By |2022-06-03T16:20:40+00:00June 3rd, 2022|Categories: Individuals|Tags: , , , , , |

IRS tips on home office deductions

In the Tax Tip 2022-10, the IRS listed some of the rules and tips to deduct your home office. Note that to claim the home office deduction, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. In some cases, if

By |2022-03-05T03:33:27+00:00February 2nd, 2022|Categories: Business|Tags: , , , , , , , , , |

Home office deduction – Is your home the principal place of business?

In the IRS Tax Tip 2021-136, the IRS reminds small business owners how to qualify for the home office deduction. Employees are not eligible to claim the home office deduction. The home office deduction, reported on Form 8829, is available to both homeowners and renters. There are certain expenses taxpayers can deduct. They include mortgage

By |2021-09-23T21:48:38+00:00September 23rd, 2021|Categories: Business|Tags: , , , , |
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