Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain With the wild fires and draught in the West and flooding on the East Coast, we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a casualty, you may be able to recoup a portion of that loss … [Read more...] about When to Claim a Disaster Loss
Will Your Favorite Tax Benefit Expire?
Article Summary: Expiring Tax Provisions Personal Provisions Business Provisions Will Congress Act? More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax … [Read more...] about Will Your Favorite Tax Benefit Expire?
Have You Taken Your Required Minimum IRA Distribution?
Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution IRA-to-Charity Transfers As year-end approaches, this is a good time to make sure you have taken your required minimum distribution (RMD) for 2015. What is an RMD, you ask? The tax code does not allow IRA owners to keep … [Read more...] about Have You Taken Your Required Minimum IRA Distribution?
Don’t Be Scammed By Fake Charities
Article Highlights: Scammers and charitable contributions How to check on legitimate charities Disaster scammers As the end of the year approaches, you will probably be besieged by requests from charitable organizations for contributions. The holiday season is the favorite time of the year for charities to solicit donations. But you should be aware that it is also the … [Read more...] about Don’t Be Scammed By Fake Charities
It’s Time for Year-End Tax Planning
Article Highlights: Capital Gains and Losses Roth IRA Conversions Recharacterizing a Roth Conversion Minimum Required Distribution Annual Gift Tax Exemption Expensing Allowance (Sec 179 Deduction) Self-employed Retirement Plans Increase Basis For the past few years, year-end tax planning has been challenging due to the lateness of action by Congress. This year is no … [Read more...] about It’s Time for Year-End Tax Planning