Article Highlights: Tax Cuts & Jobs ActEstate Tax ExclusionWhy a Will or Trust?Life-Changing CircumstancesBeneficiaries When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out [...]
Article Highlights: Exercise Stock OptionsConvert a Traditional IRA to a Roth IRAMaximize IRA DistributionsSell Appreciated StockDelay Business ExpendituresRelease DependencyDelay 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 are having a lower-than-normal income year. [...]
Nobody likes getting mail from the IRS — especially when it's something you weren't expecting. One minute, you're minding your own business and aren't even thinking about that return you filed months ago. The next minute you open your mailbox and see something called a "Notice of Deficiency" — and your anxiety immediately goes through [...]
Article Highlights: Employee GiftsGifts of College TuitionCollege Student SuppliesElectric Car CreditWork EquipmentSolar Electric CreditCharitable Gifts Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It tends to be common practice this time of year for employers to give employees [...]
Article Highlights: Watch Out for Charity ScamsTax Exempt Organization Search ToolTax Benefits of Charitable ContributionsBunching DeductionsQualified Charitable DistributionsSubstantiation As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists [...]
Article Highlights: Health InsuranceRetirement PlansQualified Transportation Fringe BenefitsFlexible Spending Accounts (FSAs)Group Term Life InsuranceQualified Employee DiscountsEmployer-Provided Education AssistanceAdoption ExpensesChild and Dependent Care BenefitsHealth Savings Accounts Tax law includes a number of tax- and financially favored benefits that employers can offer or provide to their employees. This article is intended to make you aware of these [...]
Article Highlights Improvements for Medical Care or TreatmentImprovements That Increase the Home's ValueImprovements That Do Not Increase the Home's ValueMedical AGI Limitations While Americans may argue about any number of hot-button political topics, there's no disagreement on one issue: the country's population is aging...fast. According to the Social Security Administration, 10,000 baby boomers a day [...]
Article Highlights: American Opportunity Tax CreditLifetime Learning CreditWho Gets the Credit?Qualified Tuition and Related ExpensesEligible Educational InstitutionsForm 1098-TScholarshipsTax Fraud As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending [...]
Tax problems aren't just a worry that hang over people's heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can't provide. Additionally, the IRS isn't the only source of those problems: state tax authorities [...]
Article Highlights: Taxpayer First ActTaxpayer Notification when a SSN is Fraudulently UsedPurpose of an IP PINObtaining an IP PINIs an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) [...]
