by DhallaCPA | Jun 5, 2023 | Tax Tips
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a...
by DhallaCPA | May 22, 2023 | Tax Tips
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have...
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...
