by Christina Minton | Apr 26, 2021 | Your Income
Hot housing market requires tax knowledge With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000...
by Christina Minton | Mar 8, 2021 | The Audit
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts....
by Christina Minton | Feb 22, 2021 | Your Income
Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks you where your...
by Christina Minton | Feb 15, 2021 | The Audit
Here are six tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling winnings. If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the...
by Christina Minton | Feb 9, 2021 | Whats New
New one-time use PIN option available for all! The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you need to know. IP PIN program details The...
