Dec 23, 2019 | Income Tax
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....
Nov 25, 2019 | Income Tax
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...
Nov 21, 2019 | Income Tax
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....
Nov 21, 2019 | Income Tax
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...
Nov 21, 2019 | Income Tax
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...
