Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?
If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes.
Year-End Gift Giving with Tax Benefits
The holiday season is customarily a time of giving gifts. Some gifts even provide a variety of tax benefits.
You May Qualify for a Small Business Home Office Deduction
If you run a small business from your home and meet specific IRS rules, you might qualify for the home office deduction.
Charitable Tax Deduction Peculiarities
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A.
Inheritances Enjoy a Special Tax Benefit
You may hear people use the term “Stepped-Up Basis” which many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property.
Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes
The tax treatment of your income or loss from your income activity depends on whether it is a hobby or for-profit activity.
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?
Although a tax deduction and a tax credit both help lower the taxpayer’s tax, there’s a difference between them, and there are distinct types of deductions and categories of credits. This article explains these terms.
Tax Benefits Available to Disabled Taxpayers
Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several tax credits and other benefits that are available if you or … Read More
Were You Affected by a Disaster Loss?
With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster area. You can also use the Address Look-Up provided by the Federal government.
Restaurants and Businesses Benefit from Temporary Tax Break
As part of its COVID relief efforts Congress is allowing businesses to deduct 100% of business meals during 2021 and 2022, provided the meals are provided by a restaurant.