by PSA CPA | Jan 1, 2025 |
Do you owe taxes when selling your home? Learn how to determine your taxable gain by adjusting your home’s cost basis, factoring in home improvements, and utilizing IRS-approved strategies to maximize your tax benefits. Profit on Home Sales Can Be Tax-Free Many...
by PSA CPA | Jan 1, 2025 |
The rising cost of senior care can create financial challenges for families. However, the tax code provides certain deductions and benefits that can help offset these expenses, though many remain underutilized. Understanding these overlooked opportunities can make a...
by PSA CPA | Jan 1, 2025 |
For years, 529 plans have served as a tax-advantaged way for families to save for education expenses. However, one major concern has lingered: What happens if a beneficiary doesn’t use all the funds for qualified education expenses? Previously, excess funds were...
by PSA CPA | Jan 1, 2025 |
If you and your significant other live together but aren’t married, you might share many expenses—and in some cases, one of you may be financially supporting the other. This might leave you wondering: can you claim your boyfriend or girlfriend as a dependent on your...
by PSA CPA | Jan 1, 2025 |
The State of Maryland offers the Homeowners’ Property Tax Credit Program, designed to provide relief to homeowners whose property taxes exceed a fixed percentage of their gross income. This program ensures that property taxes remain manageable for Maryland...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…