Before donating a vehicle, find out the charity’s intent
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) [...]
Expect to be paying elementary or secondary school costs in the future? Consider an ESA
As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage [...]
Save on Energy Bills and Taxes
Information courtesy of IRS Reduce your taxes and save on your energy bills with certain home improvements. Non-Business Energy Property Credit Part of this credit is worth 10 percent of [...]
100% deduction for certain M&E expenses!
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace [...]
You’re a real estate investor, but are you a “professional”?
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this important? Passive income may be subject [...]
Facts About Early Retirement Distributions
Information courtesy IRS Some people take an early withdrawal from their IRA or retirement plan. Doing so may trigger an added tax on top of the income tax you may [...]
Understanding ISO Tax Treatment
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]
Tax-Exempt? Filing Deadline is Approaching
Tax-exempt organizations: deadline for filing tax information returns is approaching. Remember, do not include Social Security numbers (SSNs) or other unneeded personal information on Form 990. If your organization uses [...]
Tax Tips for the Self-Employed
A few important items regarding income from self-employment that the IRS wants you to know: Self-employment can include income you received from a part-time job, in addition to income from your [...]
Tax Planning
Information courtesy of IRS If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up [...]
Did you get a letter from the IRS?
Information courtesy of IRS There are many reasons why you may receive a letter or notice from the IRS. Know these facts. 1. Don’t panic. You often can take care of [...]
Should You File an Amended Tax Return After Receiving a Corrected Form 1095-A
Information provided by IRS If you enrolled in qualifying Marketplace health coverage, you have probably filed a tax return based on a Form 1095-A that you received from the Marketplace. [...]
Now’s the time to begin your 2015 tax planning
Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break [...]
ACA and Worker Classification
Now that excise taxes related to employer-provided health care coverage for many employers are in effect, it is time to stop hitting the snooze button on a sleeper issue related [...]
Facing an unexpected bill for the additional 0.9% Medicare tax?
The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding [...]