deduction

tax tips

July/August 2020 Tax Tips

Feeling charitable? Now’s the time to give In an economic downturn, charitable donations typically decline. So, if you’re in a position to donate, charitable organizations need your help now more…

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donation tax benefits

What Your Donors Need to Know About Taxes and Contributions

The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages…

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qualified disaster payments

Qualified Disaster Relief Payments Can Include Payments to an Employee

Are your employees struggling to pay everyday items due to COVID-19? There is a way you can help them by providing tax-free payments for assistance and still take a deduction…

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Medicare premiums

Seniors: Can You Deduct Medicare Premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional Medicare premiums to get the level of coverage you want. The premiums…

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COVID-19 Tax image

Do You Have Tax Questions Related to COVID-19? Here Are Some Answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home.…

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mortgage interest

Home is Where the Tax Breaks Might Be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage…

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home office deductions

Do You Run Your Business from Home? You Might be Eligible for Home Office Deductions

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you…

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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…

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business loss rule

Excess Business Loss Rule May be Unfavorable to You

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with some valuable tax benefits, such as avoidance of double taxation…

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teachers educator expense deduction

Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on…

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