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Minimizing Capital Gains Tax on Sale of a Home
August 2, 2021
By: HintonBurdick
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 of a home. The IRS home sale exclusion rule allows an exclusion of gain …
Opting Out of the Monthly Child Tax Credit Payment
August 2, 2021
By: HintonBurdick
Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into t …
Key Tax Changes Could Affect Your Tax Situation in 2021
August 2, 2021
By: HintonBurdick
Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased th …
It’s Hurricane Season: Safeguarding Tax Records
July 6, 2021
By: HintonBurdick
With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (F …
Tips for Taxpayers With Hobby Income
July 6, 2021
By: HintonBurdick
Hobby activities are a source of income for many taxpayers. For instance, during the pandemic many people may have started making handmade items and selling them for a profit. As a reminder, this income must be reported on tax returns. What is consider …
Six Steps to Protect Against Taxpayer ID Theft
July 6, 2021
By: HintonBurdick
Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and …
What to Know About Backup Withholding
July 6, 2021
By: HintonBurdick
Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you s …
10 Tips to Help You Start Saving for Retirement
July 6, 2021
By: HintonBurdick
It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you …
What Is the Net Investment Income Tax?
July 6, 2021
By: HintonBurdick
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. …
Settling Tax Debt With an IRS Offer in Compromise
July 6, 2021
By: HintonBurdick
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone can use this option t …
