Blog Posts
Charitable Contributions Recordkeeping Requirements
Recordkeeping Requirements Recordkeeping Requirements for Charitable ContributionsReporting Requirement Thresholds:• Cash. Do not combine separate contributions.• Noncash. Combine claimed deductions of all similar items to determine$501 or greater amount....
Kiddie Tax
Kiddie Tax “Kiddie tax” is the term used for the tax on certain unearned income of children. Children typically are in a lower tax bracket than their parents and the kiddie tax was developed to prevent parents from lowering their tax liability by shifting investment...
Itemized Deductions Casualty and Theft Losses
Federally-Declared Disaster Areas For 2019, a personal casualty loss is deductible (subject to limitations) only if such loss is attributable to a federally declared disaster.A federally-declared disaster is any disaster determined by the President of the United...
Taxable Social Security Benefits
Taxable Social Security Benefits Some taxpayers have to pay federal income taxes on their Social Security benefits. This usually happens only if they have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must...
Itemized Deductions Homeowners
Itemized Deductions for Homeowners The IRS defines a home as any house, condominium,cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities.Some homeowners qualify for these deductions. Real Estate Taxes...
2019 Last-Minute Year-End Tax Deductions for Existing Vehicles
Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now! Take Your Child’s Car and Sell...
2019 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Here are five marriage, kids, and family strategies that you can put in play before the end of 2019. Put Your Children on Your Payroll If you have a child under the age of 18 and you operate your business as a Schedule C sole proprietor or as a spousal partnership,...
2019 Last-Minute Year-End Medical and Retirement Deductions
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six strategies that you can implement before the end of the year....
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
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...