How to Notify the IRS of an Address Change Have you recently moved to a new home or changed your mailing address? Updating your address with the Internal Revenue Service (IRS) is an important step that taxpayers should not overlook. If the IRS has an outdated address on file, you could miss important tax notices,…

Understanding Section 1031 Like-Kind Exchanges Real estate investors looking to sell investment property and purchase another property may have an opportunity to defer capital gains taxes through a Section 1031 like-kind exchange. This provision of the Internal Revenue Code can be a valuable tax planning strategy for investors who want to reinvest their proceeds, expand…

AIM Financial | Tax Preparation and Financial Services Understanding Form 990-T and Unrelated Business Taxable Income Tax-exempt organizations, nonprofits, retirement accounts, and certain trusts may be surprised to learn that tax-exempt status does not automatically eliminate every federal income tax obligation. When an exempt organization or an Individual Retirement Account (IRA) earns income from an…

By AIM Financial | Tax Preparation Services Are you working hard to support yourself or your family but wondering how to reduce your federal income taxes? You may qualify for the Earned Income Tax Credit (EITC), a valuable federal tax benefit designed to help eligible low- and moderate-income workers and families keep more of their…

Receiving an inheritance or distribution from a trust or estate can raise important tax questions. If you receive a Schedule K-1 (Form 1041), you may need to report certain income on your individual federal income tax return, Form 1040. Understanding how to report beneficiary K-1 income, including interest income, dividend income, and tax-exempt interest, can…

The gig economy has created new opportunities for people to earn extra income through rideshare driving, food delivery, freelance work, online sales, consulting, home services, and other independent businesses. While earning money as a 1099 worker can provide flexibility, it also comes with important tax responsibilities. If you receive 1099 income, understanding how self-employment taxes,…

Tax season can become more complicated when children have investment income. While many parents are familiar with taxes on wages from a child’s part-time job, fewer realize that interest, dividends, capital gains, and other unearned income may be subject to special federal tax rules. At AIM Financial, we provide professional tax preparation in Grand Rapids,…

Receiving money or property from a relative overseas can be a welcome financial benefit. However, if you are a U.S. taxpayer who receives a foreign gift or inheritance, you may have IRS reporting obligations even when the money is not subject to federal income tax. Understanding IRS Form 3520, foreign gift reporting requirements, and inheritance…

One of the most common questions taxpayers ask after filing their federal tax return is: “Where is my tax refund?” If you’re expecting money from the IRS, waiting can be frustrating—especially when you planned to use your refund for bills, savings, home improvements, or other expenses. At AIM Financial, we understand that taxpayers want clear…