Tax

tax planning

5 Tax Planning Tips for Retirees

There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement savings increases their income in retirement and may…

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charitable gift deduction

Can You Deduct Charitable Gifts on Your Tax Return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are…

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small business tax benefits

Is Your Small Business Eligible for Expanded Tax Benefits?

“Small” is bigger than ever Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some…

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SECURE Act makes changes to retirement plans

4 New Law Changes that May Affect Your Retirement Plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions…

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new tax law for the holidays

Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…

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new tax law for businesses and employers

New Law Provides a Variety of Tax Breaks to Businesses and Employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension…

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tax implication of side gig

Do You Have a Side Gig? Make Sure You Understand Your Tax Obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income…

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adopting a child tax break

Adopting a Child? Bring Home Tax Savings with Your Bundle of Joy

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child. (This amount is increasing to…

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holiday parties

Holiday Parties and Gifts can Help Show Your Appreciation and Provide Tax Breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

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November/December 2019 Tax Tips

Case highlights state taxation of trust income In a recent case, the U.S. Supreme Court ruled that the presence of trust beneficiaries in North Carolina did not, by itself, empower the state to tax income earned by an out-of-state trust. The court noted that the trust didn’t have a physical presence, make any direct investments…

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