by ABIP | Aug 3, 2023 | Accounting, Individuals, News, Newsletter, Real Estate, Taxes
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. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000...
by ABIP | Aug 2, 2023 | Accounting, Individuals, News, Newsletter, Taxes
With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can...
by ABIP | Aug 1, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes
If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for...
by ABIP | Jul 7, 2023 | Accounting, Individuals, News, Newsletter, Real Estate
Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your...
by ABIP | Jul 7, 2023 | Accounting, Individuals, Newsletter, Taxes
Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses....
by ABIP | Jul 7, 2023 | Accounting, Individuals, Newsletter, Taxes
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a...
