The current federal income tax environment remains favorable through December 31st. Here are some tax planning ideas to consider as we approach year-end. Leverage Standard Deduction by Bunching Deductible Expenditures. Are your 2012 itemized deductions likely to be just under or just over the standard deduction amount? If so, consider bunching expenditures for itemized deduction [...]
Most of the income we receive is taxable, but certain types of income are only partially taxed or not taxed at all. The following are some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax purposes. Adoption Expense Reimbursements: Taxpayers adopting a [...]
If escalating energy costs have you looking for ways to reduce your gas and electric bills, here are some tips on how you can cut costs and reap tax-saving energy credits as well. A great way to cut energy costs and save up to $1,500 in federal income taxes is to make certain energy-efficient improvements [...]