Uncle Sam May Provide Relief from College Costs on Your Tax Return
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state [...]
Expenses that Teachers Can and Can’t Deduct on Their Tax Returns
Teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this [...]
Taking Distributions from Your Traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals [...]
The Clock May Be Ticking on Corporate Stock Redemptions
Favorable individual federal income tax rates established by the Tax Cuts and Jobs Act (TCJA) are scheduled to expire at the end of 2025. But some analysts think that they could [...]
2019 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
Update on the New Business Interest Expense Limitation
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business [...]
Who Can Deduct Car Expenses on Their Tax Returns
Information courtesy of IRS.gov Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Here’s [...]
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 [...]
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 [...]
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 [...]
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 [...]
2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]