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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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The Rise of Check Kiting and Other Check Fraud

The Rise of Check Kiting and Other Check Fraud

by | Oct 21, 2024 |

While the use of paper checks has greatly diminished, thieves still view them as a source for stealing revenue. In fact, the Financial Crimes Enforcement Network warns that many thieves are returning to old-fashioned financial theft, using paper checks. That’s one reason why the U.S. Postal Service urges us to not send checks through the mail, where they may be vulnerable.

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Tax Tips for December 2024

Tax Tips for October 2024

by | Oct 1, 2024 |

Click on the links below to jump to each section in this article: An IRA Withdrawal Strategy with Tax-Reducing Power Factoring the QBI Deduction into Year-End Tax Planning for Your Business Added Protection for Your Personal and Financial Information   An IRA Withdrawal Strategy with Tax-Reducing Power As the year winds to a close, your chance to lower your 2024 tax bill also winds down. If you’re age 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year end. Normally, distributions from a traditional IRA are taxable. But the amount of your QCD is removed from your taxable income, which may preserve your eligibility for other tax breaks. It also can fulfill your annual required minimum distribution, if applicable. A QCD can’t be...

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