Deductions
28 Jun 3 Great Charitable Deduction Ideas
Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look: Qualified charitable distributions. If you’re age 70½...
21 Jun 3 Great Charitable Deduction Ideas
Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look: Qualified charitable distributions. If you’re age 70½...
15 Feb Homeowner Alert! Review Your Tax Forms New tax rules are creating confusion
Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the...
28 Dec New Baby? Tax Tips Everyone Should Know Especially parents, grandparents and relatives
For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course ...
21 Sep Salvage that Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction
There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has...
10 Aug Hidden Back to School Tax Deductions
Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Often schools...
23 Jul Should You Expense or Depreciate Your Capital Asset?
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded: Section 179 The annual amount of qualified assets that may be expensed (instead of...
22 May Make Your Child’s Summer Break a Tax Break
As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: summer camp! Using the Child and Dependent Care Credit, you can be reimbursed for part of the...
30 Apr The New World of Charitable Deductions
Your charitable contribution deductions are still a great tax savings tool, but they may require more planning following the passage of the Tax Cuts and Jobs Act (TCJA) last year. Background Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the...