by Exclusive Tax Services | Oct 10, 2024 | Blog
What is an IRA? An IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money for retirement. An IRA is referred to as a traditional IRA if it is not a Roth IRA, SIMPLE IRA, or SEP IRA. View and...
by Exclusive Tax Services | Oct 9, 2024 | Blog
Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main home at any one time. View and Download PDF
by Exclusive Tax Services | Oct 8, 2024 | Blog
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to...
by Exclusive Tax Services | Dec 22, 2020 | Blog
News Alert – Second COVID Relief Package Passed Stimulus checks could mail as early as next week Both houses of Congress voted to pass the latest COVID relief legislation and all indications are that the president will sign it into law. We know that more guidance will...
by Exclusive Tax Services | Jul 9, 2020 | Blog
Why Economic Impact Payment Could Be Different Than Anticipated Cross References • IR-2020-93, May 11, 2020 The IRS has posted information on their website giving various scenarios that explain why the Economic Impact Payment (EIP) that was received may be different...
by Exclusive Tax Services | Jul 1, 2020 | Blog
Hobby Income If you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? The distinction between the two makes a big difference in your taxes. Look at the following nine factors when making the determination....
