Is a Living Trust Appropriate for You?
Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts are an estate-planning tool, and […]
Gambling and Tax Gotchas
Article Highlights: Winnings Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In […]
There is More to Deducting Health Insurance than Meets the Eye
Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part […]
Don’t Miss Out on Year-End Tax-Planning Opportunities
Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity Retroactive Tax Benefits May Provide Refunds Preparing for Home Sale Reporting Avoiding Underpayment […]
Is That Inheritance Taxable?
Article Highlights: Estate Tax Estate Tax Exemption Fair Market Value at Date of Death Step up in Basis Community Property Deferred Untaxed Income Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, […]
IRS Releases Inflation Adjustments for 2021
Article Highlights: Standard Deduction Transportation Fringe Benefits Retirement Plans Contribution Limits SIMPLE Retirement Accounts IRA Contribution Limits Health Flexible Spending Accounts Education Credits Estate Tax Exclusion Annual Gift Exclusion Sec 179 Expensing Deduction Foreign Earned Income Exclusion Alternative Minimum Tax Adoption Credit Tax Rate Schedules To cope with inflation, the tax code requires the IRS […]
Renting Your Home or Vacation Home for Short Periods
Article Highlights: Airbnb, VRBO, and HomeAway Rented for Fewer than 15 Days During the Year The 7-day and 30-day Rules Exceptions to the 30-Day Rule Schedule C Reporting Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If […]
Beware of New Text Scam Related to Stimulus Payments
Article Highlights: New Clever Scammer Scheme Uses Economic Impact Payments as Bait The Text Message How to Report a Scam How to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme by internet scammers to dupe tax-payers into revealing their bank account information under the guise of receiving […]
2020 TAX DEDUCTION FINDER & PROBLEM SOLVER
This is an archive of the 2020 edition of our tax organizer. Use this organizer if you have not yet filed your 2019 tax return. To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax […]
Tax Issues to Be Aware of as Year-end Approaches
Article Highlights Take Full Advantage of Your Deductions Traditional IRA Contributions at Any Age Make Charitable Contributions with IRA Funds Larger-than-Normal Charitable Contributions May Be Possible Deducting Charitable Contributions Without Itemizing Marital Status Maximize 2020 Education Tax Credits Convert Your Traditional IRA into a Roth IRA Remember the Annual Gift Tax Exemption Medical Expenses Property […]