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Do You Need to File a 2016 Gift Tax Return by April 18?
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some...
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Deduct All of the Mileage You’re Entitled to — but Not More
© Can Stock Photo / iqoncept Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction...
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Tangible Property Safe Harbors Help Maximize Deductions
Improving Your Tangible Property May Equal Tax Deductions If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a...
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When an Elderly Parent Might Qualify as Your Dependent
Supporting Your Elderly Parent? It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows...
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Who Can — and Who Should — Take the American Opportunity Credit?
Does Your Child Qualify? If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t...
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2016 Ira Contributions — It’s Not Too Late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if...
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2017 Q2 Tax Calendar
Key Tax Deadlines for Businesses and Other Employers Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this...
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A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late-filing...
© Can Stock Photo / stuartmiles Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper...
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Saving Tax with Home-Related Deductions and Exclusions
© Can Stock Photo / karenr Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:...
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Individual Tax Calendar: Key Deadlines for the Remainder of 2017
© Can Stock Photo / gongzstudio While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are other deadlines through the rest of the year that are...
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Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be...
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The Investment Interest Expense Deduction
It’s Less Beneficial than You Might Think © Can Stock Photo / inad83 Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities —...
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Planning for your Tax Appointment
© Can Stock Photo / ajfi Tax Day is Approaching Fast The new year has begun and time is passing quickly. Sooner than you know it, April 18th will be here. Now is the time to start organizing your tax...
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Natural Disasters and Charitable Donations
Helping Others After a Natural Disaster Between fires, floods, hurricanes and tornados, since 2005 the United States has been wracked over and over by Mother Nature. First, it was Katrina, then Rita...
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IRS Warns of New Email Scam
The IRS has issued a warning regarding a new email scam that has been detected. Cyber-criminals are sending out emails impersonating tax professionals. This means that cybercriminals are pretending...
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