YEAR-END TAX SAVING STRATEGIES
What makes sense for you?
The year is almost over, and you want to reduce your taxable income. What options are still available? The answer depends on your specific financial position.
If you have investments that are doing poorly, you might want to consider selling them so you can claim a capital loss. […]
PREPARING FOR YOUR TAX APPOINTMENT
Make sure to have all your documents
Nothing makes a tax preparer happier than a prepared client. Here are a few tips for going to your tax appointment with everything you need.
Look at last year’s tax return for income and expense reminders. Make sure you have all the 1099s from your bank […]
EARNING MONEY FROM A SIDE JOB?
Tips for avoiding the hobby loss rules
Like many of us, you’ve probably dreamed of turning a hobby or pastime into a regular business. Or perhaps the current economic condition necessitated that you turn to a side job to earn extra money. You won’t have any unusual tax headaches if your […]
RECENT LEGISLATION CHANGES SOME IRA RULES
How does this affect you?
The CARES Act suspended the required minimum distribution (RMD) rules for 2020. This means any RMD a taxpayer would have been required to make before Dec. 31, 2020, as well as any RMD required to be made by April 1, 2020, based on meeting the […]
NEW CHARITABLE CONTRIBUTION RULES
Nonitemizers can claim a deduction
The CARES Act makes two significant changes to the rules governing charitable deductions for individuals.
Individuals will be able to claim a $300 above-the- line deduction for cash contributions made to public charities in 2020. This rule effectively allows a limited charitable deduction to any taxpayer claiming the […]
