by DhallaCPA | Apr 12, 2023 | Tax Tips
If you’re an art collector, you may wonder about the tax breaks available for donating artwork to charity. Several different tax rules may come into play in connection with such contributions. Basic rules Your deduction for a charitable contribution of art is subject...
by DhallaCPA | Apr 11, 2023 | Tax Tips
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax...
by DhallaCPA | Apr 5, 2023 | Tax Tips
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became...
by DhallaCPA | Feb 27, 2023 | Tax Tips
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher...
by DhallaCPA | Feb 14, 2023 | Tax Tips
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your 2022 and 2023 tax bills? The IRS recently announced next year’s...
