If you're selling your home, understanding the concept of 'basis' can help save taxes. You are probably aware you may be able to claim itemized deductions on your income tax return for real estate taxes and home mortgage interest. Most other home ownership costs are...
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....
If you're an entrepreneur and you've heard other business owners talking about the qualified business income deduction (also called Section 199A), you're probably asking yourself, “Should I incorporate to help save on taxes?” and “What entity should I select?” This post discusses the factors you need...
Box 1 of Form W-2 shows the employee's total compensation that is subject to taxation for the year. Per an article published by Forbes, "This tends to be the number most taxpayers care about the most." Consequently, there's no room for error.
Learn what goes in...
The earlier you start planning your estate, the more choices you'll have. If you start now, your plan will help keep your loved ones from becoming stressed if you suddenly become disabled or pass away. This post discusses some important factors to consider to help you begin...
This post explains why you should follow a tax-saving strategy that considers designating your favorite charity or charities as beneficiaries of all or a portion of your IRAs. Then you can leave other assets to family members and other heirs....
Avoiding taxation should not be the only goal, or even the main goal, of your investment strategy. Still, you always have to keep taxes in mind to make sure you're not unnecessarily sending too much of your money to the government. This post talks about...
The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. The Act includes provisions including an independent appeals process, cyber-security and identity protection, and innocent spouse...
If you're self-employed and work out of an office in your home and you satisfy certain strict rules, you will be entitled to favorable "home office" deductions. These deductions against your business income include direct and indirect expenses. Here's what you need to know to...
Deducting expenses for medical and dental care is easier when you know the rules.
If you itemize your deductions for a taxable year on Form 1040, Schedule A Itemized Deductions, you may be able to deduct unreimbursed expenses you paid that year for medical and...
