Make An Early Charity Donation to Save on Year-End Taxes
If your itemized deductions are slightly less than the standard deduction, bunching your charitable donations may be enough so your itemized deductions will exceed the standard deduction this year.
Holiday Gifts with Tax Benefits
Article Highlights: Electric Car Credit Solar Electric Credit College Student Supplies Work Equipment Charitable Gifts Employee Gifts Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples: Electric Car Credit – If you purchase an electric car as a holiday gift for your spouse […]
Last-Minute Tax Strategies
Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Conversions to Roth IRAs Don’t Forget Your 2018 Minimum Required Distribution Advance Charitable Deductions Utilize IRA-to-Charity Transfers Maximize Tax-Deductible Medical Expenses Don’t Waste the 2018 Annual Gift Tax Exemption Take Steps to Avoid Underpayment Penalties Prepay State and Local […]
2019 Standard Mileage Rates Announced
Article Highlights: Standard Mileage Rates for 2019 Business, Charitable, Medical and Moving Rates Important Considerations for 2019 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a […]
Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?
Article Highlights: Annual Gift Exclusion Unified Gift-Estate Exclusion Tax Reform’s Temporary Exclusion Increase Taxpayer-Friendly Regulations Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the […]
Some Electric Vehicle Credits Are Phasing Out!
Article Highlights: How the Credit Amount Is Determined Manufacturer Phaseouts Credit for Specific Vehicles Allocation between Business and Personal Use Non-refundable Limitations The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again […]
Use Appreciated Stock to Fund Obligations
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Big Tax Changes for Divorce Decrees after 2018
Article Highlights: Pre-2019 Alimony Post-2018 Alimony Definition of Alimony Alimony and IRA Contributions State Treatment of Alimony Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that […]
Don’t Be a Victim of Cybercrooks
Article Highlights: What They Are After Email Attachments or Links Emails from the IRS Detecting Phony Email Addresses Embedded Hyperlinks Security Software Strong Passwords IRS Phone Calls Educate the Elderly Too Good to Be True Well, here it is: 2019. The holiday season is over, and the season for preparing tax returns is about to […]
Checklist of 36 Tax Filing Errors to Avoid
Thomson Reuters released their list of major tax developments for 2013. We’ve placed it on our website for your convenience but you may also check it out at their website – Thomson Reuters. Taxable & Exempt Income IRS concludes that an incentive to health care professionals and hospitals for using electronic records is income to […]