Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Transfer of Homeownership: What Taxes Will I Pay When I Sell?
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
Last Minute Tax Hacks for 2017
If you've waited to the last minute to file your taxes, you probably need a few tax hacks to both reduce the amount of tax you owe and make sure that you don't run afoul of the IRS. Here's my list of favorite things you can do before your taxes are due: 1. April 18, [...]
4 Things Real Estate Investors Should Know at Tax Time
4 things real estate investors should know at tax time. Insights from a principal federal tax analyst on potential tax breaks for real estate investors. Real estate investors often have a lot of questions once tax time rolls around — especially if they're new to the game. That's because while there are a number of [...]
Own a Home? Top Tax Benefits of Homeownership
If you own a home, you're probably thinking about the top tax benefits of homeownership. But you may not know how your single biggest asset (your home) can help you save on your tax bill. You probably already know that your biggest asset could also help you save on your taxes. It's the "how" that's [...]
Our Top Tax Articles just in Time for Tax Season
Tax season is officially here and we’ve rounded up our most popular (and useful) tax articles to help you file and get your full refund. Whether you have questions about your children’s taxes, your tax documents or home-related tax issues, we’ve got answers. Here are our top 10 tax articles to simplify this year’s tax [...]
IRS Policy Change Aims to Help Victims of Identity Theft
From 2011 through 2014, identity thieves submitted more than 19 million suspicious tax returns to the IRS for more than $63 billion in fraudulent refunds. But until recently, taxpayers weren’t allowed to see the fraudulent returns filed using their Social Security numbers (SSNs). That changed recently, thanks in part to a letter sent to the [...]
Before You Retire: 60 Days Away
With only 60 days to go before you retire, you might already be dreaming about that first morning waking up without a schedule. But while two months may seem like nothing, there are still some things to take care of before you can spend your days roaming around in an RV or golf cart. Here [...]
Could Unpaid Debt Affect My Tax Refund?
Could unpaid debt affect my tax refund? Here are three reasons the federal government may hold onto your tax refund to cover unpaid debt. With tax season upon us, many people may be looking forward to their refund as a way to pay down existing debts. However, certain existing debts could prevent you from seeing [...]
4 Common Errors to Avoid When Filing Your Taxes
4 common errors to avoid when filing your taxes. How to avoid errors that could delay your tax refund or require a lengthy amendment process. Everyone makes mistakes, but if your mistake happens to come in the middle of filing your taxes, you may find yourself facing a delayed refund (if you’re owed one), or [...]
Do I Have to File Income Taxes for More than One State?
For some, the process of filing income taxes can be a complicated one; however, it can become even more complicated for those who need to file returns for more than one state. This is where Maryland CPA John Curtin sees the most confusion among his clients. The rules for paying income taxes as a non-resident [...]