Taxes December 27, 2022
How to Max Out the Gift Tax Exclusion
When possible, limit your lifetime gift-giving to amounts covered by the annual gift tax exclusion.
Payroll December 27, 2022
Who Gets the Retirement Saver’s Credit?
Remember that there are other financial and tax benefits for contributing to qualified plans and IRAs. So this is usually a good idea even if you don’t qualify for the retirement saver’s credit.
Taxes December 27, 2022
Rely on New Per Diem Rates
The government annually establishes a flat rate for certain “high-cost areas” such as New York, Chicago and Los Angeles and other major cities.
Taxes December 27, 2022
Tough Tax Law Test for Real Estate Professionals
Generally, investors in activities such as real estate in which they don’t materially participate can only take deductions up to the amount of their passive income for the year.
Taxes December 25, 2022
Three Key Expiring Business Tax Provisions
At this time of year, Congress usually addresses a number of tax law provisions that are going off the books.
Taxes December 22, 2022
The Tax Blotter – Dec. 22, 2022
The 2023 tax filing season is about to kick off. Individual taxpayers should start assembling all the information needed for filing their 2022 returns.
Taxes November 29, 2022
How to Salvage a Partial Home Sale Exclusion
Under the current rules, a short-term gain on property held for a year or less is taxed at ordinary income rates topping out at 37%.
Taxes November 28, 2022
The Tax Blotter – Nov. 2022
The Tax Blotter is a round-up of recent tax news and rulings.
Taxes November 28, 2022
Home Sale Gain Exclusion When a Taxpayer Remarries
Under Section 121 of the Internal Revenue Code, you may be able to exclude most, if not all, of your gain from tax when you finally sell the home.
November 27, 2022
Tax Court Imposes Limit on Capital Losses
Notably, you may use a loss to offset a short-term gain realized earlier in the year that would otherwise be taxed at a high ordinary income tax rate.
Taxes November 23, 2022
Tax Court Decides “He Said, She Said” Case
Generally, the IRS has three years from the later of the time your tax return was filed or its due date to review the return and assess tax.
November 10, 2022
Some Tuition Costs Can Qualify for Medical Tax Deduction
If you have children in college, you may be able to claim one of two higher education credits for qualified expenses, although these tax benefits are phased out for upper-income taxpayers.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
