Tax Planning for a Home in the Event of Divorce
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you're getting divorced and selling a home, you may need to [...]
Multi-state Resident? Watch Out for Double Taxation
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits [...]
Six Education Tax Breaks on the Books
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]
Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How [...]
IRA Charitable Donations are an Alternative to Taxable Required Distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you [...]
Bonus Depreciation for Your Business: Review Your Options
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent [...]
Denis Burns on The Jeff Crilley Show
https://www.facebook.com/TheJeffCrilleyShow/videos/3175821272459595/?t=22
Take Advantage of the Gift Tax Exclusion Rules
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes [...]
2020 Business Per Diem Announced
Record-keeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per [...]
Uncle Sam May Provide Relief from College Costs on Your Tax Return
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state [...]
Expenses that Teachers Can and Can’t Deduct on Their Tax Returns
Teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this [...]
The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And [...]
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. [...]