In the aftermath of a disaster, taxpayers may need to reconstruct their financial records to prove a loss and the amount of the loss. The IRS explained in a recent […]…
The IRS has released an updated stance on the new changes to the tax law that will affect non-profits this tax year. “Fringe-benefits”, which include perks such as free parking […]…
Married taxpayers who file a joint tax return are “jointly and severally liable” for the tax due. But spouses may be able to request “innocent spouse” relief if they can […]…
There’s good news for taxpayers who have long-term capital gains. After the Tax Cuts and Jobs Act’s passage, some taxpayers will still qualify to pay a 0% federal income tax […]…
Personal Exemption Changes: What the changes mean for you With the tax season right around the corner, changes to your tax situation will soon be in effect. With the Tax […]…
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know […]…
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these […]…
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on […]…
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial […]…
Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental […]…
