Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences…

The 2019 college admission scandal involving Lori Loughlin, Felicity Huffman, and other high-profile figures is shedding light on just one way people allegedly cheat on their taxes. Following are examples of some famous individuals in…

When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild…

A question frequently asked by taxpayers is whether or not the proceeds from a lawsuit must be included in their taxable income. The answer is the taxation of your settlement proceeds will focus on the…

Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI…

The IRS just launched a new Tax Withholding Estimator on its website.  This new tool is completely redesigned and much more user-friendly than the old version. Why should I check my withholding? After the new…

As summer winds down and you’ve enjoyed your vacation time these past few months, are you now considering investing in a vacation home? If you’re curious about the tax implications of a second home and…

With the proliferation of cell phones, and the corresponding accessibility of you to your employer, invariably most employees are receiving and making business calls on their cell phones. This could mean a tax deduction in…