With the cost of home ownership on the rise, it is important for first-time homebuyers to be aware of certain possible benefits available to help with affordability. One of these is the Section 25 mortgage interest credit, which can be claimed on a taxpayer’s Federal tax return for a portion of the mortgage interest paid. […]

What is a 529 Plan? A 529 Plan is an investment account that offers tax benefits when used to pay for qualified education expenses.  Investments grow tax free and withdraws are tax- and penalty-free as long as they are used to pay for eligible expenses. Most states offer their own 529 plan; you don’t have […]

In the fall of 2021, the IRS released guidance regarding new documentation requirements for companies looking to claim a Research & Development (R&D) credit refund. The extra documentation requirement is effective beginning in January 2022, and the information must be submitted with the annual tax return. The goal of the new requirements is to help […]

Dealing with the IRS can be stressful! There are taxpayers who receive an IRS notice and because they are so fearful, they will pay the notice without verifying the accuracy. The IRS may not have all the facts, so do not pay anything without checking the details. Also, do not ignore any letter sent by […]

Many taxpayers are under the assumption that it’s bad to delay filing your taxes by filing an extension.  While individual tax returns are due April 15 each year, you can file an automatic 6-month extension so that the return is not due until October 15. The rumor that you have a better chance of getting […]