The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning [...]
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified [...]
Volunteering for Charity: Do You Get a Tax Break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to [...]
You May Have To Pay Tax on Social Security Benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may [...]
What Taxpayers Should Know If They Get a Notice from the IRS
Info courtesy of irs.gov Certain taxpayers might get a letter from the IRS this year. It’s called an IRS Notice CP2000. It gives detailed information about issues the IRS identified. [...]
Educators Can Claim Deduction to Get Money Back for Classroom Expenses
Information courtesy of irs.gov Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers [...]
How the Current Tax Law Affects Charitable Giving from IRAs
For charitable donors, the Tax Cuts and Jobs Act (TCJA) provided some tax breaks and took away others. Here's what charity-minded individuals need to know. Increased Charitable Deduction Limit Under [...]
If Your Kids Are Off to Day camp, You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible [...]
2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
How Can Small Business Owners Reduce Social Security and Medicare Taxes?
If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare [...]
Donating Your Vehicle to Charity May Not Be A Tax-wise Decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not [...]
Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding [...]
Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local [...]
Electric Vehicle Tax Credit
Are you considering buying a new plug-in electric vehicle or a plug-in electric-gas hybrid vehicle? There is good and bad news about the tax credits and other cost-saving benefits available [...]
Financial Tips for New College Graduates
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it's time to plan for [...]