Starting in 2024, you may be able to irrevocably elect to transfer the new and previously-owned clean vehicle tax credits to dealers who choose to participate in the program. You will receive an immediate financial benefit from the dealer equal to the credit in return for the transfer of the credit to the dealer.
Read MoreWhen holiday season comes to an end, tax season is in full swing and whether you hire a professional or D.I.Y., you’ll need certain documents and information to prepare. Here’s a quick tax prep checklist for you to reference while getting your tax return started:
Read MoreOn Saturday, September 25, 2021, the House Budget Committee voted to advance a $3.5 trillion spending package to the House floor for debate. Many of these provisions focus specifically on businesses and high-income households.
Read MoreAlthough 2021 has been a year of unexpected changes, one routine has remained consistent: the fourth quarter means it’s time to begin organizing your finances for the new year. To help you get started, here’s a checklist of key topics to think about.
Read MoreWith so much legislation making its way through Congress, the time may be right to start thinking about how to play defense against potential tax hikes. Although details of the proposed increases could change before any bill is enacted, it’s wise to have an asset protection plan ready.
Read MoreDue to the unusual conditions related to the coronavirus pandemic, the due date for individuals to file 2020 federal income tax returns and make tax payments has been postponed by the IRS from Thursday, April 15, 2021, to Monday, May 17, 2021.
Read MoreAlthough 2020 has been a year of unexpected changes, one routine has remained consistent: the fourth quarter means it’s time to begin organizing your finances for the new year. To help you get started, here’s a checklist of key topics to think about, including new tax and retirement considerations related to the COVID-19 pandemic.
Read MoreLife insurance delivers cash to beneficiaries when it’s needed most. Plus, if the policy is properly structured, the beneficiaries receive the death proceeds income tax free. By understanding potential tax traps related to life insurance, you can avoid costly mistakes. A few of the most common pitfalls are outlined here.
Read MoreIf you’re lucky enough to hold nonqualified stock options (NQSOs), you may be wondering what they’re worth right now. Perhaps you’ve been fortunate enough to see your company’s share price increase since you received your NQSOs, but you’ve been waiting to exercise your options.
Read MoreOne of the many consequences of the COVID-19 pandemic has been the closure of colleges and universities across the country. If you or your student has been affected by this unforeseen disruption, you may receive a refund of payments originally made for “qualified” educational expenses from your 529 educational savings plan.
Read MoreIt’s time to gather paperwork and prepare your returns by April 15th. It’s important to outline any changes in your personal situation and familiarize yourself with changes in the tax code. Here are nine important questions to discuss with your CPA this tax season.
Read MoreIt’s important to know whether you should file using the standard deduction or whether you should itemize your deductions. Deductions reduce the amount of your taxable income when filing a federal income tax return and reduce the amount you owe in taxes.
Read MoreIn 2017, with the passage of the Tax Cuts and Jobs Act (TCJA), the federal estate tax exemption amount was effectively doubled. Today, individual estates valued at less than $11.4 million are not subject to federal estate taxes.
Read MoreIt's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you.
Read MoreIn a recent “60 Minutes” interview, Rep. Alexandria Ocasio-Cortez (D-N.Y.) proposed raising the federal tax rate on incomes above $10 million up to 70 percent. The move would affect less than one-tenth of 1 percent of U.S. households and return the top marginal tax rate to its 1980 level.
Read More1. Invest in municipal bonds to generate tax-free income
2. Utilize strategies to reduce or avoid taxable income
3. Consider Roth IRA/401(k) contributions or conversions
4. Maximize deductions in years when itemizing
The IRS has released proposed regulations that would shut down some suggested workarounds for the new $10,000 limit on the deductibility of state and local taxes (SALT).
Read MoreWith back-to-school season in full swing, the Internal Revenue Service reminds parents and students about tax benefits that can help with the expense of higher education. Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer, their spouse and dependents.
Read MoreThe Tax Cuts and Jobs Act legislation has been passed by Congress and awaits the president's signature. The Act makes extensive changes that affect both individuals and businesses. Some key provisions of the Act are discussed below.
Read MoreThe IRS expects that more than 70% of taxpayers will receive a refund in 2017. What you do with a tax refund is up to you, but here are some ideas that may make your refund twice as valuable.
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