Minimizing Capital Gains Tax on Sale of a Home
The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests
Deducting Business-Related Vehicle Expenses
If you’re self-employed and use your car, SUV, or other vehicle for business, you can deduct certain business-related vehicle expenses.
Tips for Taxpayers With Hobby Income
A hobby is any activity that a person pursues because they enjoy it without intending to make a profit. When determining whether your activity is a business or hobby, consider the following nine factors
Tax Credits for Energy-Efficient Home Improvements
Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.
IRS Tax Debt Could Affect Passport Renewal
As a reminder, individuals with “seriously delinquent tax debts” could have their passport application or renewal denied or even have their current passport revoked.
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