Article Highlights: Lifetime ExclusionAnnual ExclusionMedical ExceptionEducation ExceptionGifting Techniques If you are fortunate enough to have an estate large enough to be subject to the estate tax upon your death, you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the estate tax when you [...]
Article Highlights: Long-Form Itemization RequiredBelow-the-Line Cash Contributions for 2021Qualified Charities OnlyCash DonationsNon-cash DonationsLeave DonationsOther Qualifying DonationsAGI LimitationsYear-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return. Cash Donations – To claim a [...]
Article Highlights: Taking Stock of Tax StrategiesEducation Tax CreditsConverting a Traditional IRA to a Roth IRAMinimum Required DistributionsCharitable ContributionsQualified Charitable DistributionsHealth Savings AccountsPrepaying State TaxesPaying Medical/Dental BillsGiftingAvoiding Underpayment Penalties It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With [...]
Article Highlights Long-Term Capital Gains RatesTop Individual Tax RatePass-Through Income Subject to 3.8% NIIT or SECA TaxLimit Nonrecognition of Like-Kind ExchangesTransfer of Appreciated Property by Gift or DeathFamily-Owned and -Operated Businesses15-Year Fixed-Rate Payment PlanExcess Business Loss LimitationCarried InterestEnhanced Financial Account Reporting The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes [...]
Article Highlights: Is It Appropriate to Refinance Your Home Loan?Refinance CostsInterest RatesCredit ScoreBorrowing Additional CashLoan TermItemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to get in touch with Mortgage Broker Denver Colorado or your vicinity and consider refinancing your current mortgage. However, refinancing may not always be the [...]
If you're thinking about moving from your current locale, you're not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State [...]
Article Highlights: IRS NoticesCP Series NoticeAutomated NoticesFrequent ErrorsID TheftPenalties and InterestWhat You Should DoWhat We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does [...]
Article Highlights: If You Don’t Rent Your PropertyIf You Rent Your PropertyRented Fewer Than 15 DaysPersonal Use Is Less Than the Greater of 15 Days or 10% of the Rental DaysPersonal Use Exceeds the Greater of 14 Days or 10% of the Rental DaysIf You Sell Your Vacation HomeIf You Sell Your Home Do you [...]
Article Highlights Slow RefundsCOVID-19Economic Impact PaymentsRecovery RebatesUnemployment DebacleUsing 2019 Income to Compute 2020 EITC and Additional Child Tax CreditOther IssuesWhere’s My Refund ToolIRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, [...]
