A “backdoor Roth IRA” allows a taxpayer to bypass income limitations by first making a nondeductible contribution to a traditional IRA and then converting it

Business use of vehicles include visiting clients or customers or traveling between a home office and another work location in the same trade or business.

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private

A security deposit is not included in rental income when received if you plan to return it to the tenant at the end of the lease.

The IRS defines a home as any house, condominium, cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities. Homeowners may qualify for the following deductions.

The inherited IRA must generally be fully distributed by the end of the 10th calendar year following the year of the IRA owner’s death, except for the following eligible designated beneficiaries of IRAs.

You are eligible to claim child and dependent care tax credit credit if you, or your spouse if filing jointly, pay someone to care for one or more qualifying

Any additional charges for long distance or a second line into the home used for business are deductible. Any deductible telephone costs are not included as business use of home cost.

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business

The amount of any tips you paid out to other tipped employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips.

The qualifying relative income limit is $4,300.

You may choose, or be forced into choosing, early retirement. Retirement before age 59½ may create income challenges. You are not yet eligible to receive

Many factors affect eligibility for federal financial aid; therefore, all students should apply for college financial aid every year even if they think they

The full amount of the Child Tax Credit is refundable.

Your overall business losses may be limited as you cannot deduct an excess business loss in the current year. An excess business loss is the amount by which