2019 Last-Minute Vehicle Purchases to Save on Taxes

2019 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on. Next easy question: do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem...
2019 Last-Minute Section 199A Strategies That Reduce Taxes

2019 Last-Minute Section 199A Strategies That Reduce Taxes

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce your income taxes and (b) boost your Section 199A deduction at...
Sale of a Principal Residence

Sale of a Principal Residence

Exclusion of Gain Principal residence defined. A principal residence is your main home, which is the home where you ordinarily live most of the time. You can have only one main home at any one time. Individual homeowners. Individuals can exclude up to $250,000 of gain...
Multi-State Taxation

Multi-State Taxation

Tax Patterns for State Returns Resident Returns States that have an individual income tax follow one of four basic patterns for calculating tax liability on income tax returns for residents. 1) Federal AGI. The first, and most common, pattern is for the state return...