If you gave to charity in 2023, check to see that you have substantiation
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a [...]
The Kiddie Tax Could Affect Your Children Until They’re Young Adults
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually [...]
It’s Possible (but not easy) to Claim a Medical Expense Tax Deduction
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on [...]
The Standard Business Mileage Rate Will Be Going Up Slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS [...]
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 [...]
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 [...]
Business Automobiles: How the Tax Depreciation Rules Work
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply [...]
The Tax Implications of Renting Out a Vacation Home
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, [...]
Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes, and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]
Can You Deduct Student Loan Interest On Your Tax Return?
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you [...]
Pocket a Tax Break for Making Energy-Efficient Home Improvements
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home [...]
What Can You Do to Lower Your 2023 Tax Obligation?
It's hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can't afford to take a break from [...]
When Can Seniors Deduct Medicare Premiums on Their Tax Returns?
If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be [...]
Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]
Taxation Issues in the Gig Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]