Article Highlights: Taking Advantage of Tax Reform Itemized Deductions Taking Tax Advantage of Loser Stocks Maximize Education Credits Business Expensing So, why do we think tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be employed before the end of the year that can substantially reduce your … [Read more...] about Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform
Gambling – Income Tax Conundrum
Gambling - Income Tax Conundrum Article Highlights: Reporting Earnings Deducting Losses Documenting Losses Online Gambling Other Side Effects of Gambling Gambling is a recreational activity for many taxpayers, and as one might expect, the government gets a cut if you win. In fact, there are far more issues related to gambling than you might imagine, and they may be … [Read more...] about Gambling – Income Tax Conundrum
How to Save for a Child’s College Education
Article Highlights: Planning for a Child’s College Education Tax-Favored Plans Tax-Free Earnings Coverdell Accounts Qualified Tuition Plans Have Others Contribute Gift Tax Issues A frequently asked question is,“How might I save for a child’s college education?” The answer depends on how much the education is expected to cost and how much time is left until the child … [Read more...] about How to Save for a Child’s College Education
Not All Interest Is Deductible For Taxes
Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan … [Read more...] about Not All Interest Is Deductible For Taxes
November 2017 Individual Due Dates
November 10 - 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 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about November 2017 Individual Due Dates