Tax Tips & More
Deducting a Loss from an Airbnb Bedroom Rental
When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss? Yes, if you meet the four technical requirements.
No Mercy for You When Your CPA Does Not File Your Tax Return
What’s your worst tax nightmare? Identity theft? Not having enough money to pay all the taxes you owe? How about this: your CPA, enrolled agent, or other tax preparer has not filed your taxes for three years.
How Long Does the IRS Have to Audit Your Returns?
Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments.
Young Adults Should Take Advantage of IRAs
As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs).
Ouch! The Estimated Tax Penalty is at a 16-Year High
Due to the rise in interest rates, the current penalty rate is 8 percent—the highest in 17 years. And since it’s not deductible, the net cost likely far exceeds 8 percent.
Options for Overfunded 529 College Savings Accounts
What if your designated 529 beneficiary decides not to attend college? What are your options?
Best Practices When E-Filing Returns
Avoid future problems by following these best practices for e-filing.
Common Mistakes in Tax Preparation
Avoid errors that can occur when preparing tax returns by learning these common mistakes.
What Are Your Chances of Being Audited?
These red flags could increase your chances of the IRS selecting your return for audit.
May 2025 Tax Due Dates
May 12: Tips for April 2025 reported to employer (Form 4070)
June 2025 Tax Due Dates
June 10: Tips for May 2025 reported to employer
June 16: Estimated tax payment for 2nd quarter of 2025
June 16: U.S. taxpayers living and working abroad file 2024 tax return
June 16: U.S. taxpayers living and working abroad file form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
June 16: Military personnel on duty outside the U.S. file 2024 tax return
June 16: Military personnel on duty outside the U.S. file Form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
July 2025 Tax Due Dates
July 10: Tips for June 2025 reported to employer