Jancis Tan

Read This Before Tossing Old Tax Records

Now that your taxes are complete and filed for the year, you are probably wondering what old records can be discarded. You can toss those old records after 4 years with some exceptions. However, don’t discard records that support the tax basis of an asset you still have. You will need those when the asset is sold to determine profit or loss.

Read More »

Missing Out On Your Tax Refunds?

Many taxpayers forfeit sizable tax refunds because they are not required to file a tax return. If you have skipped filing tax returns in the last few years, watch this video to see what you may be missing out on.

Read More »

October Extended Due Date Just Around The Corner

If you could not complete your 2021 tax return by the original filing due date and are now on extension, that extension expires on October 17, 2022, and no additional extensions are available. Failure to file before the extension period ends can subject you to late-filing penalties.

Read More »

Solar Tax Credit Gets New Life

The Inflation Reduction Act signed into law by President Biden on August 16, 2022, gives new life to the federal tax credit for the purchase and installation costs of residential solar-power systems and battery systems.

Read More »

Home Energy Improvement Credit Is Enhanced

With the passage of the Inflation Reduction Act of 2022 the Home Energy Improvement Credit once again becomes a meaningful incentive for taxpayers to make energy-saving improvements to their homes. The new legislation did away with the minimal $500 lifetime limit by replacing it with a $1,200 annual limit and increased the credit rate from 10% to 30%.

Read More »