IRS Tax Tip: Know the difference between standardized and itemized deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]

Be aware of the tax consequences before selling your home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]

Look closely at real estate investment ventures

Not all offers to invest in property are created equal. The IRS recently announced that it plans to treat one real estate investment strategy that is growing in popularity as a tax scheme. On Dec. 23, 2016, the IRS announced that syndicated conservation easement transactions amount to tax avoidance transactions. This is the latest move […]