The tuition tax credits are popular right now, and I’m going to assume that many of you who are in college, or have kids in college are familiar with taking the tax credit. However, it’s the less popular tuition and fees deduction that needs some more attention from most people. College Tuition Tax Options When [...]
Tax Return Bankruptcy Debt
Posted byHave you filed a bankruptcy in the last tax year? In a bankruptcy, debt is discharged, cancelled, or forgiven, and this can have tax implications because it is viewed by the IRS as taxable income to you (Cancellation of Debt Income or CODI). Bankruptcy and Tax Common types of debt that are discharged include automobile [...]
Exploring Vacation Home Tax Rules
Posted byNow that everything is moving quickly on our new vacation home rental, it’s time to talk tax! There are three high level categories for vacation home tax rules based on how often your rent your home and how often use it personally. Rent a Little When You: Rent Your Home 14 Days or Less If [...]
Passive income seems like an oxymoron (albeit an intriguing one): how can I earn money while doing nothing? How can anyone earn money while doing nothing? It turns out that one way to earn money while doing nothing is by investing a sum of money in stocks and mutual funds that reap dividends. And the [...]
Are You an Innocent Spouse?
Posted byMany married couples file a joint tax return, which means that they report their combined income and deduct their combined allowable expenses on the same tax form. This is because tax liabilities together may be less than tax liabilities if married and filing separately. However, if one spouse falsely fills out tax information or makes [...]
