It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? IS IT ORDINARY INCOME OR A CAPITAL GAIN? To determine […]
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Education Tax Credits
It’s tax time, and your kitchen table is littered with papers and forms. As if this isn’t bad enough, you recently paid your child’s college semester bill, and you don’t know where you’ll find the money to pay the taxes that you expect to owe. Well, you might finally catch a break. Now that your […]
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Qualifying for the Home Office Deduction
Working from home can certainly provide you with personal benefits, such as a flexible schedule and more family time. But increasing numbers of people are discovering the tax advantages as well. It’s no secret that you generally can’t deduct certain personal expenses (e.g., homeowners insurance, utilities, and home repairs) on your federal income tax return. […]
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Charitable Gifting
WHAT CONSTITUTES A GIFT TO CHARITY? A gift to charity is simply a gratuitous transfer of property to a charitable organization. The key is that your gift must be some kind of property — your time or personal services do not count. There are several different types of property that can be donated to charity, […]
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Personal Deduction Planning
Taxes, like death, are inevitable. But why pay more than you have to? The trick to minimizing your federal income tax liability is to understand the rules and make the most of your tax planning opportunities. Personal deduction planning is one aspect of tax planning. Here, your goals are to use your deductions in the most […]
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Tax Withholding
A common question we encounter is: How much in taxes should I have withheld from my paycheck? This is a frequent thought once the prior year’s tax returns have been filed and individuals are looking ahead to the current year. Reviewing your withholding periodically is important because if you do not estimate your income tax withholding […]