February 2, 2023

Individuals

The Saver’s Credit: Are you eligible?

The Saver’s Credit is a tax incentive designed to encourage individuals to contribute to their retirement savings, whether through an Individual Retirement Account (IRA) or an employer-sponsored retirement plan. It’s important to note that this credit is nonrefundable, meaning it can reduce your tax liability but will not result in a refund.

Real Estate

Rental Losses: Can I Deduct them?

Deductions for rental losses can be against passive (earned with minimal effort) or ordinary (i.e., salaries and wages) income. The time you spend participating in the rental activity determines how you can deduct your rental losses.