Is Selling Your Home Considered Income? If you’re selling your primary residence this year, you should take a look at the following to determine whether you have to include it as income on your tax returns. Even if you make a profit from the sale of your home, you may...

Depreciation Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration or obsolescence of the property. Most types of tangible property (except,...

Hurricane Preparedness With the early start of this year’s hurricane season, the our firm would like to encourage individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically...

Mortgage Debt Forgiveness If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. The following is a list of key facts...

Tax Credits for Students This tax season is a good time to see if you qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition...

The tax code provides a variety of tax incentives for families who are saving for, or already paying, higher education costs or are repaying student loans. You may be able to claim a Hope and Lifetime Learning Credit for the qualified tuition and related expenses of...

2013 Mileage Rates Each year, the IRS revises the mileage rates for the use of vehicles in certain activities. Recently, the standard mileage rates for 2013 were released. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups...