Section 121 Exclusion of Capital Gains Tax from Home Sale
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
06 August 2017 The Section 121 Exclusion is one of the biggest, best, most widely-used tax breaks in the Internal Revenue Code. It is the exclusion of capital gains taxes from the sale of a primary residence. The Department of Treasury estimates this tax break will save US Taxpayers more than $66 Billion in taxes in 2017. Whenever we are discussing taxes the government is involved. So, of course, there are rules, restrictions, and limitations on how much gain can be excluded and who qualifies to take the exclusion. Then there are some exceptions to those rules – several of which apply specifi ..read more
Visit website
3 Reasons Your Emotions Are Costing You Money At Tax Time
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
07 January 2017 Money is tied to most of the decisions we make in life. Where we work, if we work, which schools our children attend, the car we buy, the house we live in, how and when to retire, where we eat, what clothes we wear - money is a factor in all these decisions and many many others. Anything so intricately entwined in our lives will influence our emotions. It cannot be escaped. I don't look at this as a good or bad situation. It simply is. On paper taxes are all about numbers. There are columns of numbers to be added and subtracted until you get to the final answer ..read more
Visit website
What New Devilry is this Form 1095?
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
27 January 2016 Form 1095 has started to show up in people's mailboxes and judging from the questions I am fielding (and the colorful choice of words unexpected tax documents inspire) some people are confused about what the form means and what they should do with it. Somehow the confusion and trepidation I am observing reminded me of Boromir from Lord of the Rings. But then again, I am a huge nerd. Back to the taxes... The short answer from me is to hang onto that form 1095 (A/B/C) because you might need it to prove to the IRS you don't owe a penalty tax! You probably don't need it ..read more
Visit website
Virginia Taxes and Military Personnel (part 1)
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
06 January 2016 The states with income taxes (currently 44 of them) do not have uniform rules for their treatment of military personnel. They are all different to one degree or another. Many service members find the state treatment of taxes confusing. You shouldn't find it alarming if you do. I study taxes and I find it difficult to understand some of the different rules. They use words like resident, non-resident, and domicile, and they sometimes don't mean the same thing from one state's laws to the next. When it comes to state taxes, I deal most frequently with Virginia. Fortunately, I find ..read more
Visit website
The Tax Preparation Fee Game
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
09 December 2015 If you want to make yourself crazy this tax season, call around to different tax preparation places and try to get a straight answer over the phone about how much they will charge to prepare your taxes. It's pretty rare to get one. The most common answer is "we charge by the form, so it really depends on which forms you need to file your taxes." I know this because I gave that answer quite often when I was working for one of the large tax preparation firms. I wanted to give a straight answer, but I couldn't. The truth is that I didn't know how much the company was going to cha ..read more
Visit website
Virginia Beach Taxes
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
11 August 2015 Unlike the federal and state authorities, Virginia Beach does not have an income tax. This doesn't mean Virginia Beach doesn't collect taxes, of course. Like any government the city of Virginia Beach needs revenue to provide services such as police and fire protection, snow removal, trash collection, etc. Looking at the chart of revenue streams below you can see Virginia Beach has quite a few sources of income. The two I am going to discuss in this post are the two that can be itemized on Schedule A of the federal individual income tax return; real estate taxes and personal prop ..read more
Visit website
Alternative Minimum Tax
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
8 August 2015 It sounds promising, doesn't it? Alternative Minimum Tax. Two of those words convey a sense of hope. Alternative - like you have options. Minimum - like you could pay a smaller amount of tax. I hate to burst your bubble, but neither is true. Alternative Minimum Tax (AMT) is misleadingly named. There is no option - if you owe it, you pay it. Likewise, it does not minimize anything - if you owe AMT your tax bill will be larger as a result. Perhaps it should have been named the Required Higher Tax. There are many conditions (26 or 27) that may trigger AMT, but the most common a ..read more
Visit website
Married Filing Jointly vs Married Filing Separately
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
05 July 2015 I am commonly asked whether it is more advantageous for a married couple to file their tax return(s) jointly or separately. It's a good question. It shows two things; the person asking it is considering legal options to minimize their tax burden, and the person has knowledge that there are filing status options within the tax code. I like to work with thinking people. Unfortunately, my answer almost always disappoints. It is usually more advantageous to file jointly. This answer disappoints because the person asking it has been filing jointly, and he or she hoped that filing separ ..read more
Visit website
Coronavirus / COVID-19 Tax Information
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
Stimulus Checks  As part of the recent CARES Act, Treasury has been directed to provide US taxpayers with an advanced tax credit (a.k.a. 'Stimulus Check"). Here is a brief explanation of how they work, who will get one, how much they will get, and some things you may want to consider to maximize your benefit.   Tax Credits for Sick Leave and Family Leave Possibly the best kept secret in all this mess is that self-employed taxpayers who need to take sick leave or family leave as a result of the coronavirus / COVID-19 pandemic will now qualify for special new tax credits when they fil ..read more
Visit website
Tax Season 2020 Update - Extension, etc.
PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog
by
3y ago
March 21, 2020 A short video to explain the changes to the filing deadlines release by the IRS and Virginia, and how the COVID-19 pandemic is impacting operations at PIM Tax Services. PIM Tax Services will donate 100% of our profit from tax returns generated during the postponed period (4/15/2020 - 7/15/2020) to the Hampton Roads Community Foundation ..read more
Visit website

Follow PIM Tax Services | Virginia Beach Tax Preparation - Tax Blog on FeedSpot

Continue with Google
Continue with Apple
OR