Article Highlights: Non-business deductionsTax bracketAbove-the-line deductionsBusiness deductions Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a … [Read more...] about Wonder What a Tax Deduction Is Worth?
Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It
Article Highlights: Adjusted Gross IncomeTaxable IncomeGraduated Individual Tax RatesTake IRA DistributionsRedeem Government BondsDefer DeductionsConvert Traditional IRA Funds into a Roth IRAZero Capital Gains RateBusiness ExpensesAffordable Care Act If your taxable income is exceptionally low this year, or even if you expect not to … [Read more...] about Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It
Legitimate Tax-Deductible Charity or Scam?
Articles Highlights: Holiday GivingScammers and How to Avoid ThemVerifying Legitimate CharitiesSubstantiationSpecial Situations With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come out from … [Read more...] about Legitimate Tax-Deductible Charity or Scam?
Year-end Tax Planning Is Not Business as Usual; Things You Need to Know
Article Highlights: Major Tax Changes in 2018Refund or Tax Due?Underpayment of TaxesAlternative Minimum TaxMinimum Required DistributionsConvert into a Roth IRA Review Portfolio for LossesMake the Most of Higher Education Tax CreditsOptimize Health Savings Account Contributions Empty Flexible Spending AccountsBunch Charitable … [Read more...] about Year-end Tax Planning Is Not Business as Usual; Things You Need to Know
November 2018 Individual Due Dates
November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 13. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are … [Read more...] about November 2018 Individual Due Dates