Deposit Interest into Five Tax Buckets
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them. Generally, the current rules have been in place [...]
4 Ideas That May Help Reduce Your 2023 Tax Bill
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year [...]
Year-End Tax Planning Tips for Individuals
As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future [...]
Resist the Urge to Purge after Filing Your 2022 Tax Return
The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return [...]
New Tax Law Improves QCD Benefits
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in [...]
Plan Now to Reduce AMT Exposure
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The [...]
Avoiding the 10% Penalty On Early IRA Withdrawals
For one reason or another, you may need to take some money out of an IRA before reaching retirement.* You can withdraw money from an IRA at any time and [...]
What You Need to Know About Taxes and Gig Work
The COVID-19 pandemic has seen an expansion of the so-called "gig economy," also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers [...]
Three Tax Breaks for Small Businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For [...]
Interested in an EV? How to Qualify for a Powerful Tax Credit
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars [...]
Five Tax Implications of Divorce
Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes [...]
Your Estate Plan: Don’t Forget About Income Tax Planning
As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much [...]
Tax Season Filing Tips
Did you know that tax return errors can delay refunds and increase audit risk? Before your tax return preparation appointment, make sure you've gathered all 2021 tax documents received, such [...]
The Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to [...]
Thinking About Converting Your Home Into a Rental Property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the [...]