Turn Losses Into Tax Savings

Capital loss, casualty loss or net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much less experience. But if you do suffer a loss, tax laws may provide a measure of relief in the form of a refund or lower taxable income. Here…

Think Twice Before Amending a Tax Return

Is it always a good idea to amend your tax return if you find an error? There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things…

Avoid These 5 Big Tax Mistakes

Don’t let them happen to you! Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning: Mistake #1.Not paying estimated taxes.This results in a tax surprise when you don’t calculate an estimate of…

Four Tax Moves to Make Before 2020 Ends

Here are a few time-tested tax strategies to consider as we head towards the end of 2020: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when wages are your primary source of income. The maximum contribution to a 401(k) for 2020…

Make the Most of Your Charitable Donation

We all want our money to go further, and charitable donations are no exception. Yet sometimes even well-intentioned gifts may end up going to a poorly run charity, or the charity does not receive the full benefit of your gift. Here are some tips to ensure that your donation makes the biggest positive impact: Proactively…

IRS okays home equity deductions

As we previously reported, the Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt as of 2018. Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money. The old rule is scheduled to return…

No tax deductions for business entertaining

The good news is that the TCJA of 2017 lowered corporate tax rates from a graduated schedule that reached 35% to a 21% flat rate. The bad news? Many business expenses are no longer tax deductible. That list includes all outlays that might be considered entertainment or recreation. As of 2018, tickets to sports events…