Tips to Minimize the Kiddie Tax
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]
Maximize Your Year-End Giving With Gifts That Offer Tax Benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Is Your Money-Losing Activity a Hobby or a Business?
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Understanding the $7,500 Federal Tax Credit for Buying an Electric Vehicle
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]
Is your Home Office a Tax Haven? Here are the Rules for Deductions
Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The [...]
Business Website Expenses: How They’re Handled for Tax Purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]
Buying Versus Leasing a Car
Some people approach buying a car almost the way they approach marriage, "until death do us part." Others prefer to keep their options open, trading in every few years for [...]
Personal Use of Corporate Jets: Flying Below the IRS’s Radar
The IRS has announced a new audit initiative targeting the personal use of business aircraft. Some businesses took advantage of the Tax Cuts and Jobs Act's generous bonus depreciation provision [...]
Get to Know the Educator Expense Tax Deduction
Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, [...]
You May Be Entitled to Tax Breaks If Caring For An Elderly Relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]
Navigate the Tax Rules for Boats and RVs
Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also [...]
Demystifying Personal Casualty Losses
In recent years, many Americans have been the victims of natural disasters. If you're unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited [...]
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report [...]
Tax Breaks for Vacation Home Rentals
Do you own a vacation home in the mountains or near the water where you can enjoy some much-needed rest and relaxation? If you rent it to tenants while you [...]
Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]