- Beware of New Text Scam Related to Stimulus Payments
- The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP) that Congress authorized last Spring.
- Video: Don't Miss out on Year-end Tax Planning Opportunities
- 2020 has been a disastrous year, but it also gives rise to more than the usual tax planning opportunities. Watch this video to learn more.
- Renting Your Home or Vacation Home for Short Periods
- Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special tax rules that probably apply to you.
- IRS Releases Inflation Adjustments for 2021
- To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year. Due to the relatively low rate of inflation from 2020 to 2021 (at least according to the calculation method prescribed by law for this purpose), several categories had no or only a slight change. The following is a summary of the most commonly encountered items for 2021.
- Is That Inheritance Taxable?
- Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.
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