Lisa Marie Brugman, EAIRS penalties can add up fast — but many are avoidable or removable. This post breaks down the most common IRS penalties and explains when penalty abatement, including First Time Penalty Abatement, may apply.
Lisa Marie Brugman, EARenting out part of your home? When you sell, depreciation recapture and the Section 121 exclusion come into play. Learn how the IRS taxes the rental portion, what gain you can still exclude, and how to avoid surprises at the sale of your main residence.
Lisa Marie Brugman, EAThinking about donating to charity this year? Learn what’s actually tax-deductible in 2025 — from cash and non-cash gifts to recordkeeping tips and real-life examples. Find out how to make sure your generosity benefits both your heart and your tax return.
Lisa Marie Brugman, EAStruggling with tax debt? An IRS Offer in Compromise (OIC) may let you settle for less than you owe — legally. In this 2025 update, learn how the program works, who qualifies, and what to expect before you apply. Plus, discover key steps to boost your approval chances and avoid common mistakes taxpayers make.