The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications since its inception in 2006, with significant changes introduced by the Inflation Reduction Act (IR Act). Don’t…

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Individuals and businesses in seven states affected by Hurricane Helene will have until May 1, 2025, to file returns and make payments. The relief is offered to all taxpayers of Alabama, Georgia, North and South Carolina. This also applies to 41 counties in Florida, 8 counties in Tennessee, in six counties and 1 city in…

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TAX SEASON IS UPON US: Tax season has returned and as we all know we will have to face an unusual situation In trying to get our taxes done this year, but in a safe way. Here at AIM Tax we are going to try and provide as many avenues as possible to get that…

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It should be a last resort, but understandably, people are looking to their retirement plans as a source of cash to get through the pandemic. The Coronavirus Aid, Relief, and Economic Security (Cares) Act includes several provisions that cover retirement accounts. The act temporarily increases how much you can borrow from your retirement and waives…

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Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling than you might expect, and they may impact your taxes…

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The IRS called me just now and said I owe back taxes, and if I don’t pay right away they are sending the sheriff over to arrest me.  The IRS just called me and said that there was suspicious activity going on with my social security number.  That I need to pay a fee to…

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I get this question all the time.  My answer simply is this. It depends. People generally save their tax records because they are afraid of being audited. Another reason people save their records is with regards to maintaining their records of their capital assets such as investments in stocks and mutual funds or depreciating assets…

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What is difference between Mortgage Brokers and Banks and Credit Unions mortgage lending divisions? A common misperception is that Mortgage Brokers are a “middleman” and thus have to charge higher rates and fees. In fact, the opposite is true, since Banks and Credit Unions don’t lend their own money to clients, but rely on the…

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