Important Federal Tax Tips and Updates

ARTICLE | July 15, 2024

Authored by Vasquez + Company

Receiving a letter from the IRS can be stressful, but it's important to read and respond promptly. New rules now require airlines to refund full fares for canceled or changed flights. If your Offer in Compromise (OIC) is rejected, you have 30 days to appeal. When selling your home, you may qualify to exclude up to $250,000 ($500,000 for joint filers) of gain from income. Gig economy income is taxable, so keep detailed records.

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