Category: Tax Planning

The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax […]

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks. […]

The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made […]

There are two types of tax advantaged individual retirement accounts (IRAs): the Roth IRA and Traditional IRA.  Taxed advantaged IRAs allow you to put a certain amount of money away […]

The EITC is a subsidy the federal government provides to those who work but earn very little. For 2018, the IRS has provided a table for income limits—numbers are up […]

Real estate can be a great investment, and many people don’t know they can also put property into their IRAs. However, they have to be careful: one small mistake and […]

The kiddie tax is a set of laws designed to stop parents from moving assets to their children to avoid paying taxes. It applies to unearned income — that is, […]

If you offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, you must do two things: Have a bank record or written communication from the charity […]

The IRS has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. […]

The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for […]

A net operating loss (NOL) refers to a tax year in which a business’s allowable tax deductions exceed its taxable income. In simpler terms, you had more expenses than you […]

Looking for ways to lower your tax liability? Miscellanous deductions, reported on the Schedule A, provide an opportunity to do so. Miscellaneous deductions are especially helpful for W2 employees.  Business […]