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Tax Tips for January 2025

Tax Tips for January 2025

by | Jan 1, 2025 |

Click on the links below to jump to each section in this article: Married Filing Separately: When It May Make Sense A Better Way to Help with Tuition Business Mileage Rate Is Up for 2025   Married Filing Separately: When It May Make Sense Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses. Medical expenses are deductible only to the extent that they exceed 7.5% of adjusted gross income (AGI). So if one spouse would have significantly lower AGI filing separately, it may increase the deduction. But be mindful of the downsides of filing separately. Certain tax credits, for instance, are generally unavailable to separate...

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Tax Tips for December 2024

Tax Tips for December 2024

by | Dec 2, 2024 |

Click on the links below to jump to each section in this article: Not Every Disaster Allows for a Casualty Loss Tax Deduction Don't Miss This Important Deadline Business Gifts: What's the Tax Treatment?   Not Every Disaster Allows for a Casualty Loss Tax Deduction Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism or terrorist attack. You can deduct personal casualty losses only if you itemize on your tax return and, through 2025, only if the loss results from a federally declared disaster. There is,...

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Want to Find Out What IRS Auditors Know About Your Industry?

Want to Find Out What IRS Auditors Know About Your Industry?

by | Nov 20, 2024 |

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Tax Tips for December 2024

Tax Tips for November 2024

by | Nov 1, 2024 |

Click on the links below to jump to each section in this article: Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home Use It or Lose It: Your 2024 Gift Tax Annual Exclusion Recovering Lost Documents and Receiving Tax Relief After a Natural Disaster   Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income taxes. If you’re a senior thinking about selling your highly appreciated home, the transaction may bring a painful tax bill. One alternative to consider is aging in place. If you remain in your home...

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