If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the … [Read more…]

The deadline for federal income tax filing is a little later than usual this year — April 17 — but it’s now almost here. If you have yet to file your individual return, you might want to think about filing an extension. Alternatively, you might be worried about meeting the deadline in the eyes of … [Read more…]

While the main tax deadline, April 15 (April 17 this year), is what most individual taxpayers are thinking about, you also need to be aware of others through the rest of the year. So you don’t miss any important 2018 deadlines, here’s a look at when some essential tax-related payments, forms, and other actions are … [Read more…]

You have finally finished filing your 2017 income tax return (or sent a request for an extension). Now that tax season is over your office is cluttered with piles of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or tax files cover your computer desktop), and it’s time … [Read more…]

Now that you’re finished filing your 2017 tax return (or with your 2017 tax return filed away for an extension), taxes might be the last thing on your mind right now. However, to get the most out of tax savings now is the best time to begin planning for 2018. It has become especially important … [Read more…]

You’re probably enjoying the influx of cash if you received a large refund after filing your 2017 income tax return, but a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why, during the previous tax year, a large refund would usually state that you should … [Read more…]

Summer is the peak season for selling a home in many parts of the country. If you are planning on putting your home on the market soon, you are probably thinking about things like how fast it will sell and how much you’ll get for it. However, don’t forget to consider the tax consequences. Home … [Read more…]

It’s not uncommon from time to time for businesses to generate tax losses. However, the losses that can be deducted are limited by tax law in some situations. Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) further limits the amount of losses that partners, limited liability company (LLC) members, S corporation shareholders, and … [Read more…]