Articles
One Reason to File Your 2023 Tax Return Early
The 2023 individual income tax return filing season opened on January 29th. If you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a…
Read MoreOne-Time Thing: IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as much…
Read MoreTips on the Tax Treatment of Gifts
Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen), money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts: 1. The annual exclusion…
Read MoreMinimizing Capital Gains Tax on Sale of a Home
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single…
Read MoreA Tax Checklist for Newly Married Couples
Summer is the wedding season and newlyweds should understand how tying the knot can affect their tax situation. Here are three things newly married couples should know: 1. Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s…
Read MoreTax Credits for Energy-Efficient Home Improvements
Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home energy tax credits. What Taxpayers…
Read MoreTax Withholding for Seasonal and Part-Time Employees
Many businesses hire workers for only part of the year, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, food service and…
Read MoreDefer Capital Gains With Sec. 1031 Exchanges
If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax owed. But if real estate’s your game, did you know…
Read MoreCryptocurrency – Many of us are involved in the crypto space because we had no choice.
Derrick V. Apple, CPA Partner Email: appled@jnrcpas.com | Direct: 843.203.2759 The latest crypto bull market brought many new market participants. This brought opportunists, fueled by ego and greed, who ran centralized exchanges to take advantage of the markets and retail investors. They championed themselves as market makers, deciding winners and losers. They also tried to control governmental crypto policy…
Read MoreTax Deductions for Homeowners
For many people buying a home – whether it’s a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some perks – at least when it…
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