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Follow IRS rules to ensure you receive your charitable tax deductions

Follow IRS rules to ensure you receive your charitable tax deductionsIf reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of […]

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Only certain trusts can own S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders.In an estate planning context, it’s critical that any trusts that will […]

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TCJA temporarily lowers medical expense deduction threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.What expenses are eligible?Medical expenses may be deductible […]

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State and local sales tax deduction remains, but subject to a new limit

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 […]

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Personal exemptions and standard deductions and tax credits, oh my!

Personal exemptions and standard deductions and tax credits, oh my!Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating […]

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Don’t be a victim of tax identity theft: File your 2017 return early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your […]

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Most individual tax rates go down under the TCJA

Most individual tax rates go down under the TCJAThe Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.It also makes some adjustments to the income ranges each […]

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Congress passes biggest tax bill since 1986

On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986.The bill makes small reductions to income tax rates for most individual tax […]

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New tax law brings big changes for individual taxpayers

The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here […]

Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate

Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate

We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, […]

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Recent Posts

  • Educate yourself about the revised tax benefits for higher education
  • The COVID-19 relief law: What’s in it for you?
  • IRS will be making millions of ”economic impact payments”
  • The next estimated tax deadline is January 15 if you have to make a payment
  • Can you qualify for a medical expense tax deduction?
  • Steer clear of the wash sale rule if you’re selling stock by year end
  • Taking distributions from a traditional IRA
  • How Series EE savings bonds are taxed
  • Disability income: How is it taxed?
  • Divorcing couples should understand these 4 tax issues
  • What tax records can you throw away?
  • There may be relief from tax liability for “innocent spouses”
  • Can investors who manage their own portfolios deduct related expenses?
  • Back-to-school tax breaks on the books
  • What happens if an individual can’t pay taxes
  • The tax implications of employer-provided life insurance
  • Are scholarships tax-free or taxable?
  • Take advantage of a “stepped-up basis” when you inherit property
  • After you file your tax return: 3 issues to consider
  • Some people are required to return Economic Impact Payments that were sent erroneously
  • What qualifies as a “coronavirus-related distribution” from a retirement plan?
  • If you’re selling your home, don’t forget about taxes
  • Seniors: Can you deduct Medicare premiums?
  • A nonworking spouse can still have an IRA
  • Did you get an Economic Impact Payment that was less than you expected?

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