Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. WHAT YOU GIVE Among the biggest factors affecting your deduction is what you give. For example: Cash [...]
As the 2018 tax-filing season heats up, investors have much to consider. Whether you structured your portfolio to emphasize income over growth – or vice versa, or perhaps a balance of the two – will have a substantial impact on your tax liability. Let’s take a look at a couple of the most significant “big [...]
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top [...]
Working from home has become commonplace for people in many jobs. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Beginning with the 2018 tax year, few taxpayers will qualify for the home office deduction. Here’s why. CHANGES UNDER THE TCJA For employees, home office expenses [...]
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) plan may be just what you need, and now may be a great time to establish one. A SEP plan has high contribution limits and is simple to set up. Best of [...]
Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in [...]