Deductions

Pam Talks Planning: Last minute tax savings for individuals.

1) Charitable Deduction - $300 without using Schedule A to itemize 2) Schedule A – close to itemizing – bunch every other year a....

Last minute year-end tax tips for businesses.

*Pay final bills and postmark by 12/31/2020 *Newly purchased business equipment must be placed in service by 12/31/2020 to be deductible...

Still Time to Take Advantage of Some 2019 Tax Deductions

Courtesy of T. Rowe Price February 18, 2020 Judith Ward, CFP®, Senior Financial Planner You have until April 15, 2020, to...

Final rules determine maximum vehicle values

The IRS updated the fleet-average and vehicle cents-per-mile valuation rules described...

IRS Restores Capital Gains Tax (To Form 1040) And Other Tax Return Changes For 2020

Ready or not, tax return reporting has changed yet again for the 2020 tax season.

Can I Write Off Crowdfunding Contributions?

Reflexively, most of us would say “yes.” Most people use the donor’s intent to distinguish between charitable contributions and...

The Tax Status of Crowdfunding Receipts: Are They Gifts?

A cancer survivor from Nebraska was sure that her GoFundMe receipts were non-reportable gifts. After all, they were (at least mostly) for...

Optimizing residential real estate deductions

Courtesy of Journal of Accountancy by Janet C. Hagy, CPA

How to Decrease Your Payroll Taxes with a Common Paymaster

If a company has more than one entity, there is a good chance that they are overpaying payroll taxes for some of their employees...

That Long List of Deductions Just Shrank

Do you live in a state with high income taxes? If your saving grace has been a long list of deductions, the game may be over thanks to...

STAY INFORMED