Taxation of Home Flipping

With the residential real estate market stabilized and in many places, showing signs of robust recovery that’s supportive of so-called “house flipping” strategies of buying, renovating & selling a house for a profit, we’d like to remind our readers of the potential tax pitfalls that flippers have historically encountered: 1) The gain on sale of home exclusion rules DORead More

Protecting Your Online Tax Identity

Alarmingly, one of the leading tax return preparation software programs, TurboTax, had the electronic filing service temporarily shutdown by several states on account of identity theft. The problem seems to have been rectified, with Intuit (the owner of TurboTax) providing a rapid response to the alleged fraud. The Wall St. Journal noted a prominent redRead More

Many Obamacare enrollees may owe money on their 2014 tax returns for healthcare premium subsidies

Why you may REALLY need to consult a tax advisor to prepare your 2014 income tax returns Nasty Obamacare provision may cause millions to owe money this April 15th Obamacare enrollees getting subsidies for their healthcare coverage may owe money. For their 2014 tax return, taxpayers must reconcile their 2014 actual income with what theyRead More