Banner
E-NEWSLETTER
Sign up for our newsletter and receive the latest tax updates and due date reminders.
 

Ever Wonder What a Tax Deduction Might Save You?

Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation.

more »

Post a Comment
Watch Out for Charity Scams
Fall is a traditional time of year for gift giving, including charitable giving. But before you write those checks, you should also be aware that there are fraudsters out there who solicit on behalf of bogus charities or who aren’t entirely honest about how a so-called charity will use your contribution.

more »

Post a Comment
Obamacare Adds New Levels of Complexity to Tax Returns
Obamacare – or, more officially, the Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not being insured, is going to affect just about every taxpayer in one way or another.

more »

Post a Comment
When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed.

more »

Post a Comment
Tax Breaks for Charity Volunteers
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply.

more »

Post a Comment
XML ButtonWhat's This? Bookmark and Share PDF