Category: Tax Breaks

Business Tax, Tax Breaks

Tax Breaks for Self-Employed Clients

Oct 13, 2021 by Ed Babitzke 0 Comments , , , , ,

Recently there has been an increase in self-employed workers, freelancers, and side gigs. You can look at different forums (Reddit, Facebook, Instagram, Esty, Ebay, and others) and see an increase of activity.

Before starting this short discussion there are a few references that you should review: Form 1040, Schedules 1, 2, 3, C, and SE. Along with Publication 334, Publication 535, Publication 463, and Publication 583 at IRS.GOV.

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Tax Breaks

Principal Residence Gain Exclusion Break

Sep 6, 2021 by Ed Babitzke 0 Comments , ,

The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities.

Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not complete any special tax form to take advantage.

To take full advantage of the principal residence gain exclusion break, you must pass two tests: the ownership test and the use test.

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