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Home Sales: How To Determine Your “Basis”

  The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How It Works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage...

Who Qualifies for “Head of Household” Tax Filing Status

  When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more...

Need a New Business Vehicle? Consider a Heavy SUV.

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus Depreciation  Under current law, 100% first-year bonus...

New Law Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be...