Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost? The answer is not so clear after the passage of the Tax Cuts...
If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but there's also an opportunity to shift some taxable income...
Your charitable contribution deductions are still a great tax savings tool, but they may require more planning following the passage of the Tax Cuts and Jobs Act (TCJA) last year. Background Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the...
The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)! But don’t get complacent. A closer look at the IRS...
The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know. The average refund is more than $2,000. About three-fourths of Americans get a refund from the IRS every year, and the average check last year...
There is a lot of confusion about home equity loans following the passage of the Tax Cuts and Jobs Act (TCJA) last year. The act changed the rules on whether the interest on these loans is deductible. So is it? The short answer: Not unless you’ve...
If you're considering converting a traditional IRA retirement account into a Roth IRA, be aware that the Tax Cuts and Jobs Act (TCJA) signed last year now limits your ability to change your mind. The recharacterization strategy When you convert a traditional IRA to a Roth IRA,...
If you're considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here's what you need to know: Excluded gains. You can generally exclude...
The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little...
Three-fourths of filers get a tax refund every year, with the average check weighing in at $2,895. Here are some ideas to put that money to good use: #1: Pay off debt. If you have debt, part of your refund could be used to reduce or...
