The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting [...]
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of [...]
Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]
Courtesy of IRS.gov When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in [...]
There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]
The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]