The Sunderland Group Professional Business and Tax Services for Small Businesses, Business Owners, Individuals. Certified QuickBooks consultant.

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Filing a Joint Return in the Year of Death
A decedent's tax year ends on the date of his or her death, although the due date of the tax return remains the same, typically April 15th of the following year. A final individual income tax return must be filed for the year of the decedent's death. If a surviving spouse does not remarry during the year, the spouse may file a joint return with the decedent for the year of death, but is not required to do so.

Excluding Gain from a Residence Following Divorce
A taxpayer can generally exclude from taxable income up to $250,000 ($500,000 for qualifying joint filers) of gain from the sale of a home owned and used as a principal residence for at least two of the five years before the sale (the ownership and use tests).

Converting a Residence to Rental Property
For various reasons, you may consider converting your personal residence to rental property. However, a decision to convert to rental also should consider economic factors such as your marginal tax rate and the potential loss of your ability to exclude up to $250,000 ($500,000, if married) of gain from the sale of your principal residence for federal income tax purposes.

529 or ESA? Choosing a College Savings Vehicle
If you have young children, you probably realize you ought to start saving for their college education. And you should start saving as soon as possible to give that money time to grow. But maybe you haven't begun because you're not sure where to put those funds.