Gambling Income and Losses
Gambling winnings are reported as income, while gambling losses are deducted on Schedule A. If you scored big at the casino, read this week’s Tax Tip.
Affect Your Taxes with Gains, Losses
Bil Lako, CFP®, explains how recognizing your capital losses may improve your tax situation. Read the Article in Today’s Marietta Daily Journal
What is the Deductibility of Interest Paid on Home Construction Loans?
The hosts of “Money Talks” discuss the deductibility of interest paid on home construction loans. With the stipulations that surround home construction loans, the hosts address why it’s best to consult a C.P.A. and how working with the same bank to convert the loan to a traditional mortgage may be in your best interest.
Getting Around the Kiddie Tax
Saving for your children’s education in their name? Don’t be deterred by the Kiddie Tax. Read more in this week’s Tax Tip.
IRA and Retirement Plan Limits for 2015
The income limits for deductible traditional IRA contributions has increased for 2015. Learn more in this Financial Tip.
Better to Sell or Trade a Business Vehicle?
Depending on the gain you stand to make, it may be a better option to trade your business vehicle than sell it. Learn more in this Business Tip.
Charity Purchases and Auctions
Won an item at a charity auction? Only part of your winning bid may be tax deductible. Read more in this Tax Tip.
Repeated Warning about Phone Scams
Your first contact with the IRS will not be a phone call, but an official correspondence sent through the mail. We explain in this Tax Tip.
Do I Have to Pay Taxes When Working Abroad?
The hosts of “Money Talks” discuss the criteria of the Foreign Income Tax Exclusion and the tax consequences of working abroad.
Know the Rules before You Break Open Your Retirement Piggy Bank
Before withdrawing from a retirement plan, carefully consider the resulting decrease in your retirement savings. Read on in this Tax Tip.