Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds […]
Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a tax return because they didn’t earn enough money to be required to file, but these folks may miss out getting a refund […]
Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiary Distribution Rules Surviving Spouse Eligible Designated Beneficiaries Account Owner’s Minor Child Other Beneficiaries Ten Year Rule Pending Legislation Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional […]
Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who […]
Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value That is an important […]
August 2022 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA […]
Article Highlights New Business Legal and professional fees Spousal Joint Ventures Self-employed Health Insurance Home Office Deducting the Cost of Business Equipment Advertising Expenses Website Costs Financing Vehicle Expenses Business Meals As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do […]
Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant […]
The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your taxes and financial information, and there […]
Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable Contributions Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently overlooked. And there are some contributions that you may believe […]