The “Nanny Tax” Must Be Paid for More Than Just Nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who [...]
Tax Planning for Individuals: Summer is a Good Time to Start
Tax Planning for Individuals The summer months are a good time to brainstorm tax planning strategies. Some ideas will help cut your tax bill for the current year; others will allow [...]
Summer Loving? Think About Taxes Before You Tie the Knot
For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there's more than [...]
Divorce or Separation May Have an Effect on Taxes
Information courtesy of IRS.gov Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts [...]
How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?
Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks [...]
The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning [...]
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified [...]
Volunteering for Charity: Do You Get a Tax Break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to [...]
How to Structure a Business Asset Purchase with Taxes in Mind
Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: An asset purchase. The buyer can purchase all or some of the [...]
You May Have To Pay Tax on Social Security Benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may [...]
What Taxpayers Should Know If They Get a Notice from the IRS
Info courtesy of irs.gov Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP2000. It gives detailed information about issues the IRS identified. [...]
Educators Can Claim Deduction to Get Money Back for Classroom Expenses
Information courtesy of irs.gov Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers [...]
How the Current Tax Law Affects Charitable Giving from IRAs
For charitable donors, the Tax Cuts and Jobs Act (TCJA) provided some tax breaks and took away others. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under [...]
If Your Kids Are Off to Day camp, You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible [...]
How a Budget Can Contribute to Your Success
One reason many people disdain the budgeting process is that they associate budgets with restraint — that is, not spending money for something because it's not in the budget. However, [...]