Do I have to report gain on the sale of a home if I use those funds to purchase another residence? Gain on the sale of a principal residence is not reported or not taxed if you meet certain exclusion criteria. For the gain to be excluded...
Foster care questions regarding taxes may emerge during the process My husband and I are becoming certified to foster children in our home. Will the payments from the foster agency be taxable? Foster care has many criteria in Tennessee. To become a foster parent, there are several...
I just received a license to open an in-home daycare, are there any special tax deductions related to my business? There are two tax deductions that are computed in a unique way for in-home daycare providers. The first is related to the food costs for meals provided...
Claiming expenses on summer camp can be achieved with a few requirements My child is in a summer camp, will this be something I can include on my tax return? Eligible taxpayers may be able to claim expenses for summer day camp or for someone to care...
We had a second child in May and we overpaid on our tax return every year. Should we look at making a change to one or both of our allowances on our W-4s? If you are unsure of what to do in this situation, your Murfreesboro...
Can I pay my child to work for the summer in my business and not withhold payroll taxes? Summer is just around the corner and for many businesses that can signal many things as people will have more leisure time on their hands. School will be...
Proper accounting and bookkeeping practices go a long way for startups In Middle Tennessee, new businesses are forming everyday and bookkeeping practices should be a cornerstone in their origination. When beginning a new business, there are many hurdles you will face so you should not add your...
I provide support to my adult child. Can I claim them on my tax return? During tax season, there are many questions that circle around certain areas of a tax return. With young adults in college or starting on their own path, many may not understand the...
After I file my tax return, how long should I keep my tax documents? Collecting tax forms can be a task when preparing your tax return, but holding on to them after you have filed is new territory for many. The best way to handle tax...
Rely on a proven Murfreesboro accountant for knowledge and information during tax season For a Murfreesboro accountant, the days are winding down for tax season but for those who have not yet started, we’ve compiled a few tips to ease the process. With any situation in...