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IRS urges emergency preparedness ahead of peak disaster season
WASHINGTON — As hurricane season peaks and wildfire risks remain high as well as the threat of tornadoes and flooding waters, the IRS urges individuals and businesses to create or update their emergency preparedness plans as part of National Preparedness Month. Disaster readiness starts with safeguarding critical documents, recording valuables and knowing how to access…
Read MoreExpiring Tax Credits
1.Which energy credits and deductions are expiring under OBBB, and what are their new termination dates? The OBBB accelerated the termination of several energy credit and deduction provisions. Energy efficient home improvement credit The credit will not be allowed for any property placed in service after December 31, 2025. Residential clean energy credit The credit…
Read MoreESSENTIAL TAX CHANGES EVERY SENIOR NEEDS TO KNOW
In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support in managing their financial and tax responsibilities. Key among these changes is a new deduction available…
Read MoreTHE “BIG BEAUTIFUL BILL” TAX ACT: AN OVERVIEW OF CHANGES
On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect…
Read MoreAim Tax & Mortgage- 5 Things to Know Before You File Your Taxes This Year
Tax season can feel a bit overwhelming, especially if you’re not sure where to start. But don’t worry, here at AIM Tax & Mortgage, we’ve got your back! Whether you’re filing for the first time or you’ve been doing it for years, here are 5 simple things to know before you file your taxes this…
Read MoreMaking Home Improvements? You May Qualify for a Substantial Tax Credit.
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…
Read MoreIRS Extends Deadlines for Helene Victims
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…
Read MoreTax Season Is Upon Us
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…
Read MoreThe CARES Act Eases Retirement Account Rules During COVID-19
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…
Read MoreGambling: Taxes and Beyond
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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