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Top Peter Shannon & Co. News
Taxes · United StatesAlthough damages paid due to physical injuries are tax-exempt, other payments for non-physical injuries are generally subject to tax. In this case, a man who claimed he was injured while he was incarcerated walked away with a split decision.See the Story
Mixed Tax Results for Taxpayer on Legal Settlement
Taxes · FranceEven after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1. When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready:
Social Security number, Filing status, and Exact refund amount. Enter them, and the tool will tell you whether your refund is received, approved or on the way.…See the Story
Still have tax questions? You’re not alone
United States · United StatesIf you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is generally what the owner paid for an asset, adjusted for improvements, depreciation, return of capital, etc. Capital gain (or loss) e…Read Article
Understanding the “step-up in basis” when inheriting assets
What tax documents can you safely shred? And which ones should you keep? - Peter Shannon & Co.
An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing
Discover if you qualify for “head of household” tax filing status
Deduct a loss from making a personal loan to a relative or friend
Riding the tax break train: Maximizing employee transportation fringe benefits
Exploring business entities: Is an S corporation the right choice?
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