Entries by megaus_u4mdv1

Affordable Care Act Policies and the American Rescue Plan

There’s a lot included in the American Rescue Plan legislation that was passed in March, and many provisions have gone relatively unnoticed. Last week I wrote about the Unemployment Income Exclusion, and now I’d like to talk about another provision involving the Premium Tax Credit. What is the Premium Tax Credit? The Premium Tax Credit […]

Read This If You Had Unemployment Income In 2020!

American Rescue Plan: Unemployment Tax Exclusion Provision Last week Congress passed the American Rescue Plan. The most visible benefit to come out of it is a third stimulus payment of $1,400. But for millions of Americans there is another provision that is just as important. The New York Times reported in July 2020 that 30 […]

Wildfire Mitigation Tax Deductions in Colorado

Colorado has suffered devastating wildfires over the last few years that have taken lives and destroyed property. Pre-wildfire mitigation (actions designed to minimize the destructive effects of wildfire) has never been more crucial. Mitigation can help by increasing accessibility for emergency personnel, giving homeowners a longer window to evacuation, decreasing the amount of fuel that […]

Pay Less Tax When Selling Your Home

Almost everyone who has sold a home has heard that the sale is non-taxable. While this is true for many homeowners, there are rules and reporting requirements. Knowing these can reduce the amount of tax you pay and ward off a letter from the IRS. Sale of Home Exclusion The IRS allows for an exclusion […]

Covid-19 and Individual Income Taxes

Covid-19 has affected virtually every aspect of our lives this year. Next year it will probably impact your taxes. Everyone’s tax situation is different, and what may be true for one person does not necessarily hold true for another. However, at this time we do know of several provisions in the Coronavirus Aid Relief & […]

You Have a Quick Question (Why I Don’t Have a Quick Answer)

Anyone who prepares taxes has answered many calls that begin with the dreaded “I have a quick question”. Dreaded because 90% of the time there isn’t a quick answer, or at least one that is accurate according to your personal situation. Taxes are complex, with many rules that only apply in certain situations, or that […]

Sharing the Wealth Without Paying Gift Taxes

As the holidays grow close, the challenges of 2020 may have led you to consider giving gifts of money or assets to loved ones. Maybe you want to give cash to help with bills or a down payment on a house, or you’d like to transfer ownership of a house to someone. If so, there […]