What We Write
Didn’t contribute to an IRA in 2020? There may still be time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there[...]
What are the tax implications of buying or selling a business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in[...]
There’s still time to get substantiation for 2020 donations
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations.[...]
2021 Individual Tax Limits: Answers to your Questions
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations.[...]
Remember to Take Required Minimum Distributions This Year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum[...]
Educate yourself about the revised tax benefits for higher education
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or[...]
Your taxpayer filing status: You may be eligible to use more than one
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing[...]
Can you qualify for a medical expense tax deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However,[...]
Steer Clear of the Wash Sale Rule When Selling Stock
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so,[...]
Couples Who Divorce Should Understand These 4 Tax Issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning[...]
Buying & Selling Mutual Fund Shares: Avoid These Tax Pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales [...]
There May be Relief From Tax Liability for “Innocent Spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if[...]
It’s Important to Plan for Income Taxes as Part of Estate Plans
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to[...]
Can Self-Managing Investors Deduct Related Expenses?
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses.[...]
Tax Implications of Working From Home and Unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information[...]
Will You Have to Pay Tax on Your Social Security Benefits?
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if[...]
The Tax Implications of Employer-Provided Life Insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000,[...]
Inherited Property? Take Advantage of a “Stepped-up Basis”
What is a stepped-up basis? If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of[...]
Paycheck Checkup? Make Sure Your Withholding is Adequate
Did you recently file your federal tax return and were surprised to find you owed money? You might want to[...]
3 Issues to Consider After You File Your Tax Return
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19[...]
What Qualifies as a “Coronavirus-Related Distribution”?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain[...]
If You’re Selling Your Home, Don’t Forget About Taxes
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown[...]
Student Loan Interest: Can You Deduct It On Your Tax Return?
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit.[...]
There’s Still Time To Make A Deductible IRA Contribution For 2019
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can[...]
Do you have tax questions related to COVID-19? Here are some answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.[...]
IRA Account Value Down? It Might Be A Good Time For A Roth Conversion
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn.[...]
Why You Should Keep Life Insurance Out of Your Estate
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family[...]
Tax Credits May Help With the High Cost of Raising Children
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their[...]
Reasons Why Married Couples Might Want to File Separate Tax Returns
Married couples often wonder whether they should file joint or separate tax returns. There are a number of reasons why[...]
There still might be time to cut your tax bill with IRAs
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there[...]
Can you deduct charitable gifts on your tax return?
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills.[...]
Help Protect Your Personal Information By Filing Your 2019 Tax Return Early
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you[...]
4 New Law Changes That May Affect Your Retirement Plan
If you save for retirement with an IRA or other plan, Congress recently passed a law that makes significant modifications[...]
A Better Way to Conduct Employee Performance Reviews
Inforgraphic: There May Be a Better Way to Conduct Employee Performance Reviews.
Side Gig? Make Sure You Understand Your Tax Obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019[...]
A Year End Gift from Congress – Favorable Tax Laws
As part of a year-end budget bill, Congress just passed a package of tax laws that will provide savings for[...]
Adopting a Child? You Could be Eligible for Tax Savings
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset[...]
3 Last-Minute Tips That May Reduce Your Income Tax Bill
If you’re starting to fret about your 2019 income tax bill, there’s good news! You may still have time to[...]
Medical Expenses: Do You Qualify for a Tax Deduction?
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your[...]
Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets (stock or securities) at a loss to offset gains that have been realized during[...]
Fun Fact: Exactly What Does FDIC Deposit Insurance Cover?
FDIC: In the bank or under the bed?
Getting a Divorce? Take a Look at the Tax Implications
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed. This is to[...]
“Innocent Spouses” May Get Relief from Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount[...]
The “Nanny Tax” Must Be Paid for More Than Just Nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to[...]
Kids in 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[...]
Retiring in Another State? Don’t Forget About Taxes
When you plan on retiring, you may consider moving to another state — say, for the weather or to be[...]
Use the Dependent Tax Credit for Your College Student
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of[...]
Three Questions You May Have After You File Your Return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are[...]
Selling Your Home? Consider These Tax Implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may[...]
Your Tax Refund and Reasons Why the IRS Might Not Send It
It’s that time of year when many people who filed their tax returns in April are checking their mail or[...]
Claiming a Casualty Loss Deduction on Your Tax Return
Unforeseen disasters happen all the time that may cause damage to your home or personal property. Before the Tax Cuts[...]
Careful Tax Planning Required for Incentive Stock Options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you[...]
Income Tax Deductions May Reduce or Disappear For 2018
The Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks. But it also[...]
3 Big TCJA Changes Affecting 2018 Individual Tax Returns
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. This[...]
Why You Shouldn’t Wait to File Your 2018 Income Tax Return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until[...]
Fun Fact: What Percentage of Americans Used Only Credit and Debit Cards in the Last Week?
When's the last time you made a major purchase with cash? It may have been a while. What about a small purchase - such as your morning coffee?
A Review of Significant TCJA Provisions Impacting Individual Taxpayers
Now that 2019 is here, there isn’t too much you can do to reduce your 2018 income tax liability. It’s[...]
You May Be Able to Save More for Retirement in 2019
Retirement plan contribution limits are indexed for inflation and many have gone up for 2019, so this gives you opportunities[...]
Tax and Financial To-Do List for Individuals for 2018 Year-End
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should[...]
Check Deductibility Before Making Year-End Charitable Gifts
As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the[...]
Catch-up Retirement Plan Contributions Can be Advantageous Post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your[...]
Donate Appreciated Stock for Twice the Tax Benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies,[...]
Could “Bunching” Medical Expenses into 2018 Save You Tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to[...]
The Tax Consequences of Making Gifts to Loved Ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable[...]
529 Plans Offer Two Tax-advantaged Education Funding Options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid[...]
Charitable IRA Rollovers May be Especially Beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA[...]
Tax Planning for Investments Gets More Complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess[...]
Tax Deduction Ins and Outs of Donating Artwork to Charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a[...]
Saving Tax if Your Vacation Home Qualifies as a Rental Property
Do you own a vacation home? If you both rent it out and use it personally, you might save tax[...]
Do You Need to Make an Estimated Tax Payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through[...]
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, But What About 2017?
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if[...]
Do You Still Need to Worry About the Alternative Minimum Tax (AMT)?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A[...]
Parents: Why the “Kiddie Tax” is More Dangerous Than Ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of[...]
The Tax Advantages of Investing in Qualified Small Business (QSB) Stock
While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital[...]
Saving Tax on Restricted Stock Awards with the Sec. 83(b) Election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences[...]
Sending Your Kids to Day Camp May Provide a Tax Break
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child[...]
Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls!
The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now[...]
You Still Have Time to Make 2017 IRA Contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free.[...]
Can You Claim Your Elderly Parent as a Dependent on your Tax Return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you[...]
Small Business Versus Hobby: Important to Know What’s Deductible
Hobby expenses are no longer deductible under the new tax laws.
Casualty Losses Can Provide a 2017 Deduction, But Rules Tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty”[...]
The New World of Deductions: What Everyone Needs to Know
How will the new itemized deduction tax changes impact you? Learn how itemized deductions will change in 2018 with the passage of new tax legislation.
Charitable Deductions: The Size Depends on Many Factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how[...]
5 Tips for Non Cash Charitable Contributions VIDEO
Feeling confused about what to do when confronting the new tax laws? Here's a great place to start.
Families with College Students May Save Tax on Their 2017 Returns
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be[...]
The Tax Cuts and Jobs Act Temporarily Lowers Medical Expense Deduction Threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than[...]
Tax Cuts and Jobs Act: What You Need to Do Now VIDEO
[tcb-script src="https://widget.resourcesforclients.com/taxvid/sku/96-028-iframe.js?u=Kc2BnMypppmV&f=96-028" id="96-028" async=""][/tcb-script]