The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely…
Bil Lako, CFP®, explains that when people care about a cause, they donate regardless of the potential tax benefit. But, people still ask about charitable tax deductions because they want to know how to make the most of their finances.
This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate Shawna Theriault, CPA, CFP®, CDFA®, and Associate Michael Griffin, CFP®, to discuss charitable giving.
The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However, the hardship relief from the penalty required pre-approval from the government health…
In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues to be the case, except the luxury auto depreciation limit has been substantially increased. In addition, there are other changes…
This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared.…
Some years back, it was not uncommon for parents to put their investments in their dependent children’s names to take advantage of their children’s lower tax rates. Although the Uniform Gift to Minors Act legally made a child the owner of money put into his or her name, this didn’t stop parents from routinely putting…
Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt from AMT taxation) and raising the income thresholds for when the exemptions are phased…
The IRS’ proposed regulations primarily target new and existing programs, specifically in instances when a taxpayer makes a payment or transfers property to or for the use of a nonprofit entity and the taxpayer receives, or expects to receive, a state or local tax credit in return for such payment.
Tax Manager Dan DiLuzio, CPA, and Associate Michael Griffin, CFP®, join Chief Investment Officer Troy Harmon, CFA, CVA, to discuss recent IRS guidance on charitable donations that allow taxpayers to claim state tax credits designed to offset the limited state and local tax deductions.
