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So far bluefish has created 21 blog entries.

Can I deduct my boat?

2022-05-10T23:22:39-04:00

Boating season is here and a question we get all the time is “can I deduct my boat? You might be able to! Let’s take a closer look. Can I deduct the interest expense for my boat? Your boat could be considered a qualified home and therefore the interest you pay for your boat loan [...]

Can I deduct my boat?2022-05-10T23:22:39-04:00

Is it time to convert your traditional IRA to a Roth IRA?

2022-04-07T18:13:34-04:00

Background If you currently have a traditional IRA, you may be considering whether you should convert your IRA to a Roth IRA. The answer to that question, like most tax questions is… “it depends…”. Let’s first take a look at the difference between a traditional IRA and a Roth IRA. The main difference between the [...]

Is it time to convert your traditional IRA to a Roth IRA?2022-04-07T18:13:34-04:00

How to File for an Extension to File Your Personal Income Tax Return

2022-03-07T07:34:19-05:00

The commonly known deadline for filing your personal income tax return with the IRS is April 15, however the IRS does permit a six-month extension of the deadline. An extension can be requested by filing a form with the IRS prior to the due date of April 15th, requesting additional time to file your federal [...]

How to File for an Extension to File Your Personal Income Tax Return2022-03-07T07:34:19-05:00

Are you responsible for “Nanny Taxes”?

2022-02-04T13:42:28-05:00

If you employ household workers, which may include housekeepers, nannies, babysitters, gardeners, cooks, health care workers and other employees it is important to understand your tax obligations, commonly referred to as "nanny taxes." What types of workers are covered? Simply working in your home does not necessarily classify someone as a household employee. You are [...]

Are you responsible for “Nanny Taxes”?2022-02-04T13:42:28-05:00

Is it really the IRS?

2022-01-12T16:20:30-05:00

Scam artists often pretend to be the IRS. The scammers impersonate the IRS to either intimidate someone into sending them a payment or to lure a person into providing personal information with the goal of stealing their identity. Here are some general rules to help you determine if it is the "real IRS" contacting you. [...]

Is it really the IRS?2022-01-12T16:20:30-05:00

Considering installing energy efficient property in your residence?

2022-01-11T10:09:06-05:00

Are you considering adding an alternative energy system in your home? If so, the Residential Energy Efficient Property Credit provides for a lucrative federal tax credit to help offset some of the cost. Qualified energy saving property eligible for the credit include the following: Qualified solar electric energy Qualified solar water heating property (excluding swimming [...]

Considering installing energy efficient property in your residence?2022-01-11T10:09:06-05:00

Changed Jobs? Don’t forget your 401(k) account!

2022-01-11T10:09:06-05:00

Have you changed jobs recently? If so, chances are you have a retirement account with your former employer and you now have an important financial decision to make regarding this account. Let’s explore your options: Keep your money in your former employer’s 401(k) plan If your account balance is at least $5,000 you have the [...]

Changed Jobs? Don’t forget your 401(k) account!2022-01-11T10:09:06-05:00

Stock traders be aware of the wash sale rules

2022-01-11T10:09:06-05:00

If you are considering selling stock at a loss to offset gains that you have realized during the year, it is important not to run afoul of the "wash sale" rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within a 30-day period [...]

Stock traders be aware of the wash sale rules2022-01-11T10:09:06-05:00

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available

2022-01-11T10:09:06-05:00

The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to allow recovery startup businesses to qualify for the ERTC. A recovery startup business for purposes of the Recovery Startup Provision is defined as a business who: Began operations after February 15, 2020 and Average annual [...]

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available2022-01-11T10:09:06-05:00

What is a 529 College Savings Plan?

2022-01-11T10:09:06-05:00

A 529 College Savings Plan is a plan operated by a state or educational institution named after Section 529 of the Internal Revenue Code. 529 Plans have certain tax advantages that make it beneficial to save for college and other qualifying education expenses for a designated beneficiary, such as a child or grandchild. What are [...]

What is a 529 College Savings Plan?2022-01-11T10:09:06-05:00
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