Changes to Retirement Plans for 2022
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 [...]
Small Business Advertising and Marketing Costs May Be Tax Deductible
Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]
Get You Piece of the Depreciation Pie Now With a Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow [...]
How Fast Can You Write Off a Business Vehicle?
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 [...]
What to Look for in Personal Finance Apps
Since Apple launched its iPhone App Store more than a dozen years ago, the mobile applications market has exploded. While many of these apps are games and social media programs, an [...]
ABLE Accounts May Help Disabled or Blind Family Members
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. Can [...]
Vacation Home: How Is Your Tax Bill Affected If You Rent It Out?
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can [...]
Do Not Take Tax Chances on Gambling
At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk [...]
How to Pay Retiree Health Costs Tax-Free
If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based [...]
Following Up on Coronavirus-Related Distributions from IRAs
If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES [...]
Let’s Dig into the Details of the Home-Sale Gain Exlcusion
Before you sell your home, consider the tax consequences. There are some subtle nuances to the home-sale gain exclusion. (See "Home-Sale Gain Exclusion: Timing Counts" at right.) Here are some scenarios that you [...]
Selling a Home: Will You Owe Tax on the Profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose [...]
Home-Sale Gain Exclusion
In many areas, residential real estate markets have surged, and some are still surging. In these sellers' markets, big home-sale gains are likely. That's great news if you're a seller — [...]
You Can Only Claim A Casualty Loss Tax Deduction in Certain Situations
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home [...]