Form 1099-S, Proceeds from Real Estate Transactions
When you sell your home, Federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds
Continue readingAuthor: Jong Yoon, CPA
Mortgage Rates Hit 7.09%, Highest in More Than 20 Years
The average mortgage rate rose to 7.09%, its highest level in more than 20 years, according to data released Thursday
Continue readingWhen a Swimming Pool Turns Into a Tax Deduction – WSJ
A home elevator. Tuition for a special-needs school. Fees for assisted living. Even a swimming pool. When these and
Continue readingStandard Deduction: How Much It Is in 2022-2023 and When to Take It
The 2022 standard deduction is $12,950 for single filers, $25,900 for joint filers or $19,400 for heads of household. Those
Continue readingAlways get a Copy of Your Depreciation Schedule from your tax preparer.
Depreciation is the process of spreading the deduction of certain items you purchased for your business (or your rental properties)
Continue readingIf your sole proprietorship business has no profit or loss during the full year, it’s not necessary to file a Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for that year.
If your sole proprietorship business has no profit or loss during the full year, it’s not necessary to file a Schedule
Continue readingHow a Secretary Made and Gave Away $7 Million
She had a simple life, lived in a tiny one-bedroom cottage in Lake Forest, Ill.She bought her clothes at rummage
Continue readingOct 17 is the extended tax deadline for those who filed Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return).
Filing Form 4868 gives you until October 15 to file a return. If October 15 falls on a Saturday, Sunday,
Continue readingIt often pays to switch jobs, and now is one of the best times to do it.
Taking a new job is often the easiest way to get a raise because negotiating a higher salary is a
Continue readingGood investing is boring. It involves buying solid, diversified assets that you can hold onto for a long time, if not for life. If you want to uncomplicate investing, start with three fund portfolio.
The idea is that you can have a low-risk, low-fee, and well-performing portfolio with only three funds: A domestic stock
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