Itemizing Deductions—What You Can and Cannot Deduct
If it’s tax time, you are certainly looking for deductions. There are many legitimate deductions that include certain medical expense, unreimbursed employee expenses and even tax preparation fees.
Retirement Savings Contributions Credit
Low-and moderate income workers who contributed to a retirement plan, such as an IRA or 401(k), may be able to take the savers credit.
Relief for the Travel and Entertainment Headache
Deducting travel and business expenses can be hard to keep up with. Luckily, the IRS will allow you to deduct unreimbursed expenses on a per-diem method.
Tax Freedom Day
Ever wonder how many days in a year you have to work to fulfill your income tax obligation? Wonder no more.
Social Security Benefits and Potential Tax on Benefits
Social Security has transformed many times since 1935 becoming more than just continuing income for the retired worker.
Property Acquired by Gift or Through an Estate
The recipient of a gift or a bequest pays no gift or estate tax. If taxes are due, they payable by the donor (the person making the gift) or the estate in the case of a decedent.
Long-Term Care Insurance—Is it for You?
Long-term care can be very expensive. Long-term care insurance can help preserve assets rather than using your wealth for your medical expenses.
Election to Expense Business Assets—Section 179 Depreciation
The Section 179 election makes it easier for small and medium-sized businesses to purchase new business equipment.
Tax Planning—Your Kids, Their Money
Dependent children may have to pay taxes too if their earned or unearned income exceeds a certain limit. Under certain circumstances, it can be reported on the parents’ return rather than their own.
Do Not Base Investment Decisions on Tax Laws
The adage tells us only death and taxes are certain, but we feel tax law changes are a certainty as well. Investment decisions made based solely on tax laws might not be the best decision.