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What is Deferred Revenue: Understanding Future Financial Obligations

It can be overwhelming to be confronted with all the jargon, such as deferred revenue, surrounding your finances- especially when not clearly understanding them can have a significant impact on something as important as your taxes. One such term is deferred revenue, also known as unearned revenue, which plays a significant role in the world

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How Many 401(k)s Can You Have: Understanding Your Retirement Options

When doing retirement planning, understanding the ins-and-outs of 401(k) accounts is crucial. You may find yourself in a position where you can contribute to multiple 401(k) plans, especially if you’re juggling employment at different companies or you have a side business. It’s important to know that while you can have more than one 401(k), there

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Tax Corner I Blog

5 Frequently Asked Tax Questions: How Many 401k Can You Have? Insight on Rental Income, Bonuses, Car Purchases, and Virginia Taxes

When you sit down to navigate your personal finances, the tax implications of different decisions, and the long-term impacts of certain financial decisions, it can sometimes feel very overwhelming. You may have questions that are very specific to your situation, but understanding key aspects of your finances can empower you to make informed decisions.  When

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Tax Corner I Blog

Child Tax Credit Bill: Understanding the Latest Changes and Implications

Understanding changes to tax law is crucial for optimizing your financial well-being. The Child Tax Credit, a key component of tax relief for American families, underwent significant updates with the Tax Relief for American Families and Workers Act of 2024. If you have qualifying children under the age of 17, these changes potentially affect your

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Tax Corner I Blog

How to Calculate IRS Penalties and Interest: Your Step-by-Step Guide

Calculating IRS interest and penalty charges can be essential if you’ve missed a tax deadline or underpaid your taxes. The Internal Revenue Service imposes penalties and interest on various grounds, including late filings and payments of your federal taxes, underpayment (if you owe tax), and inaccuracies on tax returns. Understanding how these additional charges accrue

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Tax Corner I Blog

Deadline for Filing Taxes 2024: Key Dates and Essential Information

As the 2024 tax season approaches, you (along with many other Americans) are probably starting to feel the stress of tax deadlines, wondering about your tax liability, estimated tax payments, tax withholdings, and all the other tax-adjacent terms that make your head spin. First things first, the Internal Revenue Service has set the opening date

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Tax Corner I Blog

Real Estate Professional Status: Your Guide to IRS Qualifications

Achieving real estate professional status can significantly impact your tax situation. This status, recognized by the IRS, arises from meeting specific criteria centered around how much time you spend working in real estate activities instead of other businesses or trades. Understanding these requirements is essential, as qualifying as a real estate professional allows you to

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Tax Corner I Blog

Best Practices to Prepare for the Tax Season

As tax season approaches, staying proactive with your planning is paramount to ensure a smooth filing process. Adequate preparation can significantly reduce stress and potential errors on your tax return. Familiarizing yourself with the best practices for a successful tax season is essential. Begin by gathering all necessary documents, such as W-2s from employers, 1099s

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Tax Corner I Blog

How to Calculate Fair Market Value (FMV) for Charitable Donations

Determining the fair market value (FMV) of items you plan to donate to charity can be an important aspect of tax planning and ensuring you maximize your deductions. The IRS considers the FMV of a donated item as the average price at which it would change hands between a willing buyer and a willing seller,

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Tax Corner I Blog

QBI for Rental Property: Maximizing Your Deductions Made Simple

The Qualified Business Income (QBI) deduction is a tax benefit for owners of pass-through entities such as sole proprietorships, partnerships, and S corporations. As a rental property owner, you might be wondering if your rental income can qualify for this deduction. Understanding the QBI deduction and its applicability to rental property income is essential to

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